This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Implications of US accounting reform for Europe

  • News default Image

14 Oct 2002

Speaking in Brussels at a conference sponsored by the Institute of Chartered Accountants of England and Wales, US SEC Chairman Harvey L.

Pitt addressed the implications for Europe of the recent US accounting reform legislation [Sarbanes-Oxley Act]. Click to view the full text of Mr. Pitt's Remarks titled "A Single Capital Market in Europe: Challenges for Global Companies". Among other things, Mr. Pitt said:

Once the [new Public Company Accounting Oversight] Board is operational, it will need to determine a plan to consider and address issues regarding foreign firms. The Act provides that we, or the Board subject to our approval, may exempt any foreign public accounting firm from any provision of the Act or the rules promulgated under the Act. Once the Board is operational, we and it will explore the basis and need for exempting foreign audit firms. Ultimately, our decision must balance the fundamental regulatory objectives of Sarbanes-Oxley with our role as one of many regulators in the community of nations. We want to work closely with you in making these determinations and we will give real credence to the auditor oversight approaches other nations take.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.