The Public Company Accounting Oversight Board (PCAOB) has scheduled an open meeting for Tuesday, Aug. 16, at 9:30 a.m. In this meeting, the Board will consider a concept release soliciting public comments on ways that auditor independence, objectivity, and professional skepticism could be enhanced, including mandatory audit firm rotation.
The meeting is to be live webcast at the PCAOB web site. As is my practice, I will live blog this meeting/discussion.
On June 21, 2011, the PCAOB issued a concept release on the fundamentally flawed audit model. At that time, Chairman James Doty and the four other members of the board issued statements.
The purpose of this concept release is:
… to solicit public comment on the potential direction of a proposed standard-setting project on the content and form of reports on audited financial statements. The Board will also convene a public roundtable meeting in the third quarter of 2011, at which interested persons will present their views. Additional details about the roundtable will be announced at a later date.
The concept release document and the statements of the five board members are found here.
Debit and credit – – David Albrecht