PCAOB:  New Advisory Group
April, 2004. Now they ask for advice???

The PCAOB has created a standing advisory group" whose members, it says, ''will bring a multi-disciplined perspective to the board's process of setting auditing standards.''

The group will not draft the board's standards -- that will continue to be done by PCAOB staff. Rather, the new group is designed to provide checks-and-balances. They're expected to provide advice on priorities and policy implications of existing and proposed standards.

The PCAOB invited four organizations to participate in the group as observers: the Financial Accounting Standards Board, the General Accounting Office, the International Auditing and Assurance Standards Board, and the Securities and Exchange Commission.

The actual advisory group -- which consists of thirty individuals -- includes professionals from the disciplines of corporate governance, accounting, auditing, and investment management, as well as five senior financial executives at major corporations. They will serve without pay, although they will be reimbursed for their expenses.

The senior finance executives named to the advisory group are James Campbell, corporate controller of Intel Corp.; Samuel Cotterell, director of financial reporting for Boise Cascade Corp.; Arnold Hanish, chief accounting officer of Eli Lilly and Co.; John Morrissey, operating controller of General Electric Corp.; and David Shedlarz, executive vice president and chief financial officer of Pfizer Inc.

source: http://www.cfo.com.

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