In May 2007, the board began soliciting nominations and re-nominations to fill the slots of those whose terms ended this year and received approximately 90 nominations and re-nominations. From this list, the board selected individuals with expertise in a variety of fields, including accounting, auditing, corporate finance, corporate governance, and investing in public companies.                                             

The list of new, reappointed and current members of the advisory group is available at www.pcaobus.org under Standards, Standing Advisory Group.

The new two-year terms will begin in January 2008. Membership in the advisory group is personal to the member, and the duties and responsibilities of the member cannot be delegated to others. The Board solicits nominations and re-nominations annually.

The group meets approximately three times a year and is chaired by Thomas Ray, the board's chief auditor and director of professional standards.