PCAOB Announces Formation of Two New Advisory Groups

The PCAOB has announced the creation of two new advisory groups: the Investor Advisory Group (IAG) and the Standards and Emerging Issues Advisory Group (SEIAG). The IAG will advise the PCAOB on “matters concerning the PCAOB’s mission to oversee the audits of public companies, and related matters (such as the audits of broker-dealers), to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports, including providing investors’ perspectives on key areas of concern and potential emerging risks related to PCAOB oversight activities.” The SEIAG, which will replace the Standards Advisory Group, will provide advice on “existing standards, proposed standards, potential new standards and, if requested by the Board, on matters other than standards that are of significance to the PCAOB, including emerging audit issues.”

The PCAOB has also issued a request for comment to seek feedback on potential structures for the IAG and SEIAG. Comments are due by February 28, 2022. For more information, see the press release on the PCAOB’s Web site.