March 11, 2003
The Public Company Accounting Oversight
The Public Company Accounting Oversight Board has issued a proposing release with proposed registration rules and a proposed form for public accounting firms to register with the Board. Comments are due by March 31, 2003 – and may be filed electronically or in writing. The Release is available on the Board’s website at the following link by clicking on “Proposed Rules” at http://www.pcaobus.org.
The proposed registration rules do not exempt non-US public accounting firms – and would apply to non-US audit firms that play a substantial role (as defined) in the rules in the preparation or furnishing of audit reports (even though they do not issue the report). The Board initially announced plans for a public roundtable on the effect and operation of Board registration and oversight of foreign public accounting firms on March 21st – that date has been changed to March 31st. A list of questions the Board would like addressed by commentators is contained on pages 13-14 of the proposing release.