PCAOB's plans for overseeing non-US auditing firms

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

31 Oct 2003

The US Public Company Accounting Oversight Board has published a briefing paper that describes the PCAOB's approach to oversight of non-US accounting firms.

The approach envisions cooperation with appropriate non-US auditor oversight authorities. The plans described in the briefing paper include:

  • A framework to permit varying degrees of reliance on a firm's home country system of inspections, based on a sliding scale: the more independent and robust a home country system, the higher the reliance on that system. This framework also would involve the PCAOB in inspecting, on behalf of a non-US regulatory agency, US firms that audit or play a substantial role in the audit of public companies in the non-US jurisdiction.
  • A modification to the PCAOB's registration form to permit, where applicable, the inclusion of certain information about a non-US firm's home country oversight system, to facilitate coordination between the PCAOB and non-US oversight systems.
  • A 90-day extension of the Board's deadline for non-U.S. firm registration, which will give non-US firms a reasonable amount of time to understand and prepare for registration.
Click to Download the Briefing Paper (PDF 49k).

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