Good idea? Bad idea? Beats me. I just thought this was interesting.
The Public Company Accounting Oversight Board, which aims to protect investors by overseeing the folks who audit public companies, is forming an Investor Advisory Group to advise the board on how to do just that.
Members of the group “will represent a broad spectrum of the investment community and consist of individuals who have a demonstrated history of commitment to investor protection,” the PCAOB explained.
So the PCAOB, whose job is to protect investors by overseeing auditors, wants advice from investors on how to do that.
At first glance, it makes perfect sense. Who's better qualified to provide advice on protecting the public than the public itself?
On the other hand, the PCAOB already has a Standing Advisory Group, made up of folks with backgrounds in accounting, auditing, corporate finance, corporate governance and investing.
So how is this new group different? What sets it apart from the Standing Advisory Group? Is it needed at all?
I'll be the first to admit I don't know the answers. I'm just asking. Maybe someone will chime in and explain it.
What do you think? What's the deal with the new Investory Advisory Group?
In the meantime, check out these other recent updates from the PCAOB: