Atkins Leaving SEC; PCAOB and IRS Seek Nominees for SAG, IRSAC; FEI Studies Released on Compensation, Technology

Four items in the news today:

Commissioner Atkins Announces Intent to Leave SEC
Late yesterday (May 5), the SEC issued a press release stating that Commissioner Paul S. Atkins has announced his intent to leave the SEC at the end of his term in 2008. He stated he will stay with the Commission until his successor is named. Atkins’ departure will bring the total number of vacancies on the commission to three; President George W. Bush has formally nominated Luis A. Aguilar and Elisse B. Walter to fill the open positions previously held by Democrats Roel Campos and Annette Nazareth who departed the commission last year and earlier this year, respectively. Further background on Aguilar and Walter is here; their nominations are pending confirmation hearings by the Senate Banking Committee and confirmation by the full Senate.

PCAOB Seeks Nominations to SAG
Also yesterday (May 5), the PCAOB announced it is seeking nominations to its Standing Advisory Group (SAG). A number of FEI members, including CCR members, have served and continue to serve on the SAG. As noted on the SAG information page, “The SAG currently includes 36 highly qualified persons representing the auditing profession, public companies, investors, and others,” and meets in person approximately three times per year to advise the PCAOB on the establishment of auditing and related professional practice standards.” The PCAOB is currently seeking nominees for the 2009-2010 two-year term. The PCAOB’s nomination deadline is June 19.

IRS Seeks Nominations to IRS Advisory Committee
The Internal Revenue Service (IRS) announced on May 1 that it “seeks applications for its broad-based private-sector advisory panel, the Internal Revenue Service Advisory Council (IRSAC), which provides important feedback and recommendations regarding tax administration. The 30-member panel is a diverse slice of the tax professional community including tax attorneys, certified public accountants, enrolled agents, enrolled actuaries, appraisers, other tax practitioners, as well as business representatives.” As noted in this Fact Sheet, IRSAC is a Federal Advisory Committee, originally formed as the Commissioner’s Advisory Group (CAG), renamed as IRSAC in 1998. Applications are being accepted until June 16 for three openings; the three year term begin January 2009. Additional info here.

Two More FEI Studies Issued: Compensation and Technology
Two new studies on financial executives’ compensation and technology issues for financial executives were released on May 5, 2008 by the Financial Executives Research Foundation (FERF), the research affiliate of Financial Executives International (FEI). The findings were unveiled this week at FEI's 2008 Summit Conference in Phoenix, Arizona. Further details are in this FEI summary. We reported last week on FEI's seventh survey of the costs and benefits of internal control reporting under Sarbanes-Oxley Section 404.

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