April 19, 2003
Gearing up for its official
Gearing up for its official recognition as an oversight entity, the PCAOB has been very busy. On Friday, it adopted final rules for funding, including the support fees that companies will pay (http://www.pcaobus.org/pcaob1/Rules/Release2003-003.pdf) – and it proposed rules regarding setting auditing standards (http://www.pcaobus.org/pcaob1/Rules/Release2003-005.pdf). In the meantime, the Oversight Board has established some interim auditing standards based on existing standards (http://www.pcaobus.org/pcaob1/Rules/Release2003-006.pdf).
In addition, the PCAOB has hired long-time investor advocate, Douglas Carmichael, as Chief Auditor. See the related Washington Post article at http://www.washingtonpost.com/wp-dyn/articles/A48432-2003Apr17.html.
This Thursday, the SEC is having an open Commission meeting to consider final rules under Section 303 of Sarbanes-Oxley regarding improper influence of auditors – and under Section 403 regarding mandatory Edgar filing of Section 16 reports.