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New Charter Approved for POB Stamford, Conn., Feb. 13, 2001 (SmartPros) In a move aimed at stepping up self-regulation of the profession, members of the Public Oversight Board and the American Institute of CPAs have approved a formal charter for the POB. The charter aims to strengthen and broaden the POB's oversight of the auditing profession's self-regulatory programs and standards-setting processes, according to the POB. The charter's provisions are consistent with recommendations made in the August report of the Panel on Audit Effectiveness, which was formed -- at the urging of former SEC chairman Arthur Levitt -- by the POB to study the effectiveness of independent audits. The POB, which is funded by members of the AICPA's SEC Practice Section, has been operating pursuant to bylaws and organizational documents, but with no formal charter, since its formation in 1977. Its five members are: chairman Charles A. Bowsher; vice chair Donald J. Kirk; Melvin R. Laird; Aulana L. Peters; and Norman Augustine. Among the charter's provisions: An annual budget of $5.2 million; expanded oversight over the Auditing Standards Board and the Independence Standards Board; and greater oversight of the mandatory peer review process. The SEC gave its stamp of approval to the charter back in December. -- By Melissa Klein Send comments to information@smartpros.com 2001, Smartpros Ltd. All Rights Reserved. |
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