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Public Company Accounting Oversight Board (PCAOB)

The United States Public Company Accounting Oversight Board (PCAOB) is a private-sector, non-profit corporation, created by the Sarbanes-Oxley Act of 2002, to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports. The Board is funded principally by fees from public companies. The costs of processing and reviewing public accounting firm registration applications is recovered from registration fees paid by those firms.

The PCAOB has four primary responsibilities:

  • registration of accounting firms (including non-US firms) that audit public companies (including non-US issuers) trading in US securities markets;
  • inspections of registered public accounting firms;
  • establishment of auditing and related attestation, quality control, ethics, and independence standards for registered public accounting firms; and
  • investigation and discipline of registered public accounting firms and their associated persons for violations of specified laws or professional standards.

 

This page focuses on the relationship of the PCAOB to non-US issuers registered in the United States and non-US audit firms.

Contact information

US Public Company Accounting Oversight Board
1666 K Street, NW
Washington, DC 20006-2803

Phone: +1 (202) 207-9100
Fax: +1 (202) 862-8430
Email: info @ pcaobus.org
Website: http://www.pcaobus.org

 

Related news

  • Swedish and US regulators enter into cooperative agreement

  • Mar 31, 2014

  • The Supervisory Board of Public Accountants of Sweden and the US PCAOB have announced a cooperative agreement related to the oversight of audit firms subject to the jurisdictions of both regulators. The agreement is effective immediately.

  • PCAOB proposes changes to the auditor’s reporting model

  • Aug 13, 2013

  • The PCAOB has issued two proposed auditing standards, "The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion," and "The Auditor's Responsibilities Regarding Other Information in Certain Documents Containing Audited Financial Statements and the Related Auditor's Report." The proposed changes are intended to significantly enhance the auditor’s reporting model, retaining the current “pass/fail” approach but increasing the amount of other information included in auditors’ reports.

  • ICAA report calls for public sector accounting standard reform

  • May 31, 2013

  • The Institute of Chartered Accountants in Australia (ICAA) has released a report calling for reform of global public sector reporting, including the 'transformation' of the International Public Sector Accounting Standards Board (IPSASB) and the integration of the private and public sector financial reporting models under the auspices of the IFRS Foundation, possibly eventually leading in the longer term to a potential merger of the IPSASB and International Accounting Standards Board (IASB).

  • Chinese and US regulators enter into cooperative agreement

  • May 24, 2013

  • The China Securities Regulatory Commission (CSRC), the Ministry of Finance (MoF) of China, and the US Public Company Accounting Oversight Board (PCAOB) have announced a cooperative agreement on the oversight of audit firms subject to the regulatory jurisdictions of both regulators.

  • Finnish and US regulators enter into cooperative agreement

  • Feb 04, 2013

  • The Auditing Board of the Central Chamber of Commerce (AB3C) of Finland and the US Public Company Accounting Oversight Board (PCAOB) have announced a cooperative agreement on the oversight of audit firms subject to the regulatory jurisdictions of both regulators.

  • French and US regulators enter into cooperative agreement

  • Feb 04, 2013

  • The French High Council for Statutory Auditors (H3C) and the US Public Company Accounting Oversight Board (PCAOB) have announced a cooperative agreement on the oversight of audit firms subject to the regulatory jurisdictions of both regulators.

  • PCAOB hosts public meeting on auditor independence and audit firm rotation in Houston

  • Sep 17, 2012

  • The US Public Company Accounting Oversight Board (PCAOB) announced that it will host its third public meeting on ways to enhance auditor independence, objectivity, and professional skepticism, including through mandatory rotation, or term limits, for audit firms. The meeting will be held Thursday 18 October 2012, in Houston, Texas at 8:30 a.m.

  • Spanish and US regulators enter into cooperative agreement

  • Jul 19, 2012

  • The Accounting and Auditing Institute (Instituto de Contabilidad y Auditoría de Cuentas (ICAC)) of Spain and the Public Company Accounting Oversight Board of the United States (PCAOB) have entered a cooperative agreement on the oversight of audit firms subject to the regulatory jurisdictions of both regulators.

  • PCAOB releases 2011 annual report

  • May 11, 2012

  • The 2011 Annual Report of the US Public Company Accounting Oversight Board (PCAOB) reports that 2,388 firms were registered with the PCAOB, including 908 non-U.S. firms located in 88 jurisdictions.

  • US PCAOB strategic plan 2011-2015

  • Dec 01, 2011

  • The United States Public Company Accounting Oversight Board (PCAOB) has published its Strategic Plan to guide the Board's programs and operations during the period 2011-2015.

  • Japan and US regulators enter into an exchange of letters

  • Oct 12, 2011

  • The Public Company Accounting Oversight Board of the United States (PCAOB) has entered into a cooperative agreement with the Japan Financial Services Agency (JFSA) and Certified Public Accountants and Auditing Oversight Board (CPAAOB) of Japan.

  • Audit alert on audit risks in certain emerging markets

  • Oct 03, 2011

  • The US Public Company Accounting Oversight Board (PCAOB) has issued a Staff Audit Practice Alert to discuss the auditor's responsibilities regarding the risk of fraud when auditing companies with operations in emerging markets.

  • Norway and US regulators enter into a cooperative agreement

  • Sep 14, 2011

  • The Financial Supervisory Authority of Norway (Finanstilsynet) and the Public Company Accounting Oversight Board of the United States (PCAOB) have entered into a cooperative agreement, which "provides a basis for the resumption of joint inspections of PCAOB-registered accounting firms that are located in Norway and that audit, or participate in audits, of companies whose securities trade in U.S. markets".

  • PCAOB explores mandatory audit firm rotation

  • Aug 17, 2011

  • The United States Public Company Accounting Oversight Board (PCAOB) has issued a concept release to solicit public comment on ways that auditor independence, objectivity and professional scepticism can be enhanced, including through mandatory rotation of audit firms.

  • PCAOB releases 2010 Annual Report

  • Jun 23, 2011

  • The 2010 Annual Report of the US Public Company Accounting Oversight Board (PCAOB) reports that 2,397 firms were registered with the PCAOB, including 894 non-U.S. firms located in 86 jurisdictions.

  • Swiss and US regulators reach a statement of protocol agreement

  • Apr 06, 2011

  • The Swiss Federal Audit Oversight Authority and Financial Market Supervisory Authority and the Public Company Accounting Oversight Board of the United States (PCAOB) have entered into a Statement of Protocol, establishing a cooperative framework for supervisory oversight of auditors that practice in each country.

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