ASB Meetings
ASB proposed pronouncements are discussed within the ASB membership, the AICPA and with the general public. The ASB meets periodically to discuss auditing issues and prepare and draft pronouncement proposals, and occasionally holds public hearings. The meetings are considered informal (no set of formal rules) to encourage open deliberation between its members,. Matters which affect public interest, such as proposals of new SAS, are open to the public. The meetings and hearings are established by the ASB Chair, with public notices and meeting highlights and summaries printed in The CPA Letter, and on the AICPA website. A quorum comprises the majority of ASB members or their representatives, and other members of the AICPA are usually invited also.
Proposed pronouncements are discussed in the ASB meetings, and the board members must vote before to issuing a draft proposal (called an "exposure draft") or the final version to the public with two-thirds of ASB members in favor. The voting results are included in the meeting highlights published, and any ASB member who dissents from issuing a pronouncement may request that the reasons for dissenting be included in the exposure draft or final pronouncement.
Read more about this topic: Auditing Standards Board
Famous quotes containing the word meetings:
“I have been reporting club meetings for four years and I am tired of hearing reviews of the books I was brought up on. I am tired of amateur performances at occasions announced to be for purposes either of enjoyment or improvement. I am tired of suffering under the pretense of acquiring culture. I am tired of hearing the word “culture” used so wantonly. I am tired of essays that let no guilty author escape quotation.”
—Josephine Woodward, U.S. author. As quoted in Everyone Was Brave, ch. 3, by William L. O’Neill (1969)