PCAOB Adds New Advisors, Changes Terms

Submitted by rkoreto on Tue, 12/06/2011 - 11:53

The Public Company Accounting Oversight Board has announced 28 new and reappointed members to its Standing Advisory Group (SAG), a team of experts that advises the board.

The board also has expanded the size of the advisory group to 42 members and increased SAG members' terms from two to three years. The PCAOB said these changes create a wider pool of advisors to help it, and more time to take advantage of their insights.
 
The SAG list reads like a “Who’s Who” of accounting and auditing experts. Among the new appointees are J. Michael Cook, retired chairman and CEO of Deloitte & Touche LLC and past chairman of the Financial Accounting Foundation; and Robert H. Herz, past FASB chairman. Another past FASB chairman, Dennis R. Beresford, was reappointed to another term. Also belonging to the group is Lynn E. Turner, past chief accountant at the SEC.
 
The board is staggering  individual SAG terms to allow a greater continuity of membership: 14 new and reappointed members will serve two-year terms, beginning in January 2012, and the remaining 14 members will serve three-year terms, beginning on the same date.

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