PCAOB Announces Panelists and New Time for Reliance Proposal Roundtable

The Public Company Accounting Oversight Board announced the names of the panelists who will participate in its Roundtable discussion next week on a proposal regarding the circumstances in which it could maximize its reliance under Rule 4012 on non-U.S. auditor oversight bodies in the context of inspections.

The PCAOB will host the roundtable on Wednesday, June 25, 2008 from 1:30 p.m. to 5 p.m., at the Army-Navy Club, 901 17th Street NW, Washington, DC. The meeting was previously scheduled to begin at 2 p.m.

On December 5, 2007, the Board issued for public comment a proposed Policy Statement: Guidance Regarding Implementation of PCAOB Rule 4012. The comment period closed on March 4, 2008. The proposal and the comment letters received are available on the PCAOB’s Web site. The proposed policy statement articulates essential criteria that, if met, would permit the Board to maximize its reliance under Rule 4012 on the inspections work of qualified non-US auditor oversight entities under existing PCAOB Rule 4012.

As announced on May 14, the roundtable will explore the advantages and disadvantages of the proposal, as well as specific issues raised in the comment letters on the proposal.

The panelists include representatives of investors, registered accounting firms and foreign regulators:

• Pierre Delsaux – Director, Internal Markets & Services, European Commission
• Randy Fletchall – Americas Vice Chair, Assurance & Advisory Business Services (AABS) Professional Practice & Risk Management, Ernst & Young
• Paul George -- Director, Professional Oversight Board, United Kingdom
• Jeff Mahoney – General Counsel, Council of Institutional Investors
• Steven Maijoor -- Director, the Netherlands Authority for Financial Markets
• Junichi Maruyama – Deputy Commissioner for International Affairs, Japan Financial Services Agency
• Barbara Roper -- Director of Investor Protection, Consumer Federation of America
• Professor Wienand Schruff – Chair, Global Regulatory Group, KPMG International
• Damon Silvers -- Associate General Counsel, AFL-CIO
• Mike Starr – Chief Operating Officer, Grant Thornton International
• Lynn Turner -- former Chief Accountant, U.S. Securities and Exchange Commission
• Jeff Willemain – Global Managing Partner, Regulatory and Risk, Deloitte
• Peter Wyman – Global Leader, Public Policy and Regulatory Affairs, PricewaterhouseCoopers

The roundtable will be open to the public with seating on a first-come, first-served basis. Doors will open at 1:00 p.m. The roundtable discussions also will be available via Webcast on the Board's Web site.