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PCAOB progress in international audit firm inspections

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

03 Feb 2011

The US Public Company Accounting Oversight Board has released information about the status of inspections of registered non-US accounting firms.

The PCAOB said it has cumulatively conducted inspections of one or more registered firms in 35 jurisdictions as of December 2010. At the same time, the PCAOB noted that in 2010 it was denied access to information necessary to conduct inspections in China, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. Discussions are continuing with the relevant authorities in those jurisdictions in an effort to resolve their objections to PCAOB inspections (the PCAOB executed a bilateral agreement with the UK audit regulator in early January 2011 that provides a basis for the resumption of PCAOB inspections in the UK). The PCAOB has announced the 31 jurisdictions in which the PCAOB plans to conduct inspections in 2011, including all of those in which access was denied in 2010.

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