US PCAOB to consider oversight of non-US accounting firms

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

06 Jun 2004

At its meeting on 9 June 2004, the US Public Company Accounting Oversight Board (PCAOB) will consider adopting final rules related to the oversight of non-U.S.

public accounting firms. Section 106(a) of the Sarbanes-Oxley Act provides that any non-US public accounting firm that prepares or furnishes an audit report with respect to any US public company is subject to the Act and to the rules of the PCAOB. The rules set out a framework under which the Board could implement the Act's provisions, with respect to non-US firms, by relying, to an appropriate degree, on a non-US system. The rules were proposed on 9 December 2003. At the same meeting the PCAOB will also consider adopting final rules on (a) requirements for documentation the auditor should prepare and retain in connection with audit engagements and (b) the terminology the Board will use to describe the degree of responsibility that the auditing and related professional practice standards impose on auditors. Click for PCAOB Meeting Notice and Link to Text of Proposed Rules.

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