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.

Both US and foreign audit firms must register with PCAOB

  • PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

08 Mar 2003

The new US Public Company Accounting Oversight Board (PCAOB) has voted unanimously (4-0) to issue proposed rules that would require both US and foreign auditing firms to register with the Board if they perform audits of companies registered with the SEC.

Comments are due by 31 March 2003. The rules are consistent with Section 102 of the Sarbanes-Oxley Act, which requires that all auditors of public companies must register with the PCAOB, identify public audit clients, identify all accountants associated with those clients, list fees earned for audit and non-audit services, explain their audit quality control procedures, and identify all criminal, civil, administrative, and disciplinary proceedings against the firm or any of its associated persons in connection with an audit.

The Act also requires the PCAOB to inspect all CPA firms that audit public companies to assess compliance with the law, SEC regulations, rules established by the PCAOB, and professional standards. Following consideration of the comments on its proposed rules, the PCAOB will adopt final rules that also must be approved by the Securities and Exchange Commission.

Click for More Info from PCAOB Website.


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.