NOTICE: This Is an Unofficial Transcript of the Public Company Accounting
NOTICE: This is an unofficial transcript of the Public Company Accounting Oversight Board’s June 28, 2012 Public Meeting on Auditor Independence and Audit Firm Rotation. The Public Company Accounting Oversight Board does not certify the accuracy of this unofficial transcript, which may contain typographical or other errors or omissions. An archive of the webcast of the meeting can be found on the Public Company Accounting Oversight Board’s website at: http://pcaobus.org/News/Webcasts/Pages/06282012_PublicMeeting.aspx 1 PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD + + + + + AUDITOR INDEPENDENCE AND AUDIT FIRM ROTATION PCAOB RULEMAKING DOCKET MATTER NO. 37 + + + + + PUBLIC MEETING + + + + + THURSDAY JUNE 28, 2012 + + + + + The Public Meeting convened at the Hilton San Francisco Financial District, 750 Kearny Street, San Francisco, California, at 8:00 a.m., Jim Doty, PCAOB Chairman, presiding. THE BOARD JAMES R. DOTY, Chairman LEWIS H. FERGUSON, Board Member JEANETTE M. FRANZEL, Board Member JAY D. HANSON, Board Member STEVEN B. HARRIS, Board Member PCAOB STAFF MARTIN F. BAUMANN, PCAOB, Chief Auditor and Director of Professional Standards MICHAEL GURBUTT, Associate Chief Auditor J. GORDON SEYMOUR, General Counsel JACOB LESSER, Associate General Counsel OBSERVERS BRIAN CROTEAU, Securities and Exchange Commission NEAL R. GROSS COURT REPORTERS AND TRANSCRIBERS 1323 RHODE ISLAND AVE., N.W. (202) 234-4433 WASHINGTON, D.C. 20005-3701 www.nealrgross.com 2 PANELISTS JULIE ALLECTA, Trustee and Chairman of the Audit Committee, Forward Funds JANICE HESTER AMEY, Portfolio Manager, Corporate Governance, California State Teachers' Retirement System (CalSTRS) ANDREW D. BAILEY, JR., Professor Emeritus, University of Illinois at Urbana-Champaign; former Deputy Chief Accountant, US Securities and Exchange Commission WILLIAM H.
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