Work Plan and Proposed Schedule

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Independence Committee Work Plan and Proposed Schedule

Late April 2003 Pre-Meeting Information Packet to Committee Members

Early May 2003 Initial Committee Meeting

  1. Orientation and Preliminary Discussion:
    1. Structure of Law: RCW vs. WAC
    2. Board's Purpose and Goals and Scope of Authority
    3. Statewide Regulatory Reform Initiative/Governor's Executive Order
    4. Board's Regulatory Improvement Plan: Key Elements of Sound Rule Writing
    5. Committee's Charter
    6. Discuss the Board's Current Independence Rule:
      1. Review the Board's Current Independence Rule
      2. Review Other Board Rules that Reference Other Independence Standards
      3. Background on Prior Independence Rule Review Activities
      4. Comments Previously Received from Stakeholders
    7. History of Independence Violations in Washington State
  2. Review Other Laws and Regulations Governing Independence
    1. Identify and Discuss the Key Elements and Scope of the Sarbanes-Oxley Act
    2. Discuss how the Sarbanes-Oxley Act differs from Washington State Law
    3. Discuss Public Company Accounting Oversight Board rule proposals (if issued)
    4. Present and Discuss the Key Elements of the SEC Rules, Releases, and Policy Statements related to Auditor Independence including rule proposals (if issued)
    5. Present and Discuss the Key Elements of the Government Accounting Office (GAO) Independence Requirements
    6. Present and Discuss the Independence Provisions of the AICPA Professional Code of Conduct including any outstanding Exposure Drafts
    7. Present and Discuss the AICPA Professional Ethics Executive Committee's progress/results with "developing overarching principles for independence"
    8. Review and Discuss the Key Elements of the Independence Provisions of the Uniform Accountancy Act
    9. Present and Discuss Changes in Laws Implemented by Other States
  3. Discussion
  4. Identify Elements/Components of a Sound Independence Rule. Executive Director and Chair to DRAFT Suggested Independence Rule for Discussion at Second Committee Meeting*

Mid-May 2003 Second Committee Meeting

  1. Present DRAFT Independence Rule
  2. Discussion
  3. Finalize DRAFT Independence Rule*
  4. Establish Plan to Solicit Stakeholder Input/Comments*

May-June 2003 Solicit Stakeholder Input

Public comment period

June 2003 Third Committee Meeting (set in June should an additional public comment period be necessary during July 2003

  1. Review Stakeholder Comments
  2. Discussion
  3. Finalize DRAFT Independence Rule for Presentation to the Board*

July 26, 2003 Recommendation Presented to Board at the Board's Quarterly Meeting

*Committee Decisions based on Majority Vote