PCAOB to Announce 3rd Meeting on Rotation of Auditor
The PCAOB will be hosting its 3rd meeting on auditing firm rotation and independence of auditor. The meeting will be held for general public and the Public Company Accounting Oversight Board is hoping to acquire some knowledge around enhancing auditor’s independence, professional apprehensions and objectivity.
The meeting will be organized on 18th of October in 2012 at Rice University, Jones Graduate School of Business. Those who cannot afford to attend the meeting personally can also access the webcast of the meeting by simply visiting PCAOB’s website. The webcast will initiate by 8.30n am.
On 16th of October 2011, the PCAOB issued a release in its bid to discuss the measures, which could enhance auditor’s independence, professional apprehensions and objectivity. The release consisted of a set of questions pertaining to mandatory auditing entity term related limits in addition to the whether the Public Company Accounting Oversight Board should think of entity rotation need for auditing period in excess of ten years, or should it consider rotation only for the entity that issues large number of audits.
The PCAOB had organized its 1st meeting on the issue in Washington in the month of March. James Doty, PCAOB’s chairman clarified that its release had been designed to start discussions around independence of auditors and matters which could threaten investor’s protection. Doty stated that the PCAOB will benefit from the wide variety of opinions that they have gathered during the meeting. He further mentioned that the board is hoping to expand and also explore the themes that had been raised at San Francisco and Washington, D.C. meetings.
As far as the meeting that will be held in Houston is concerned, the panelists who attend the meeting will be requested to provide their opinions and views on the issues that were raised via the release. On the other hand, the members of the Public Company Accounting Oversight Board will also get a chance to ask many more questions to the panelists. The panelists name and the schedule of the Houston meeting of the Public Company Accounting Oversight Board will be provided as the date of meeting draws near.