Implications of US accounting reform for Europe
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.
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. |