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Two PCAOB releases on audit firm quality controls

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

23 Mar 2006

The US Public Company Accounting Oversight Board has issued two Releases concerning the Board's implementation of a provision of the Sarbanes-Oxley Act of 2002 that gives registered accounting firms an incentive to address quality control criticisms in Board inspection reports within 12 months after the Board issues the reports.

The Act provides that "no portions of the inspection report that deal with criticisms of or potential defects in the quality control systems of the firm under inspection shall be made public if those criticisms or defects are addressed by the firm, to the satisfaction of the Board, not later than 12 months after the date of the inspection report."

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