PCAOB rules for inspection of non-US audit firms

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10 Dec 2003

The US Public Company Accounting Oversight Board has invited comment on proposed rules relating to the inspection and investigation of non-US public accounting firms.

The Board also proposed extending the registration deadline for non-US firms by 90 days to 19 July 2004. The proposed inspection rule would permit the PCAOB to rely on the work of non-US oversight systems in other jurisdictions, based on a sliding scale: the more independent and more rigorous a local oversight system, the greater the PCAOB's reliance on that system. The non-US inspecting entity's would be expected to follow an inspection work program that meets certain requirements. Click for Press Release (PDF 114k). When available, the text of the proposed rules will be posted here on PCAOB's Website.

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