Testimony of PCAOB Chairman Goelzer
24 May 2010
On 21 May 2010, Daniel L Goelzer, Acting Chairman of the US Public Company Accounting Oversight Board, presented Testimony at a Hearing on Accounting and Auditing Issues conducted by the US House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Among other things, Chairman Goelzer's statement covered:
- The Responsibilities of the PCAOB
- The PCAOB's Recent Work in Connection with the Financial Crisis
- Challenges Facing the PCAOB
In the 'Challenges' section, Chairman Goelzer discusses the inability of the PCAOB to conduct inspections of non-US audit firms in the European Union, Switzerland, and China even though those firms audit companies registered with the US SEC because the Sarbanes-Oxley Act, under which the PCAOB was created, prohibits the PCAOB from sharing inspections and investigation information with foreign auditor oversight authorities. Chairman Goelzer noted that amendment to the Act to allow PCAOB to share information with foreign counterparts is currently being considered by the Congress. Chairman Goelzer also noted that the US Supreme Court is expected to decide by 30 June 2010 on a case challenging the constitutionality of the Board's structure. Click here for Background Information on that Case.
Click for: Testimony at a Hearing on Accounting and Auditing Issues (PDF 134k)
