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Sarbanes-Oxley News & Developments
PCAOB Approves Registration of 598 Accounting FirmsRegistration is a prerequisite for accounting firms to continue their work as auditors of public companies.
> > The Sarbanes-Oxley Act of 2002 and the Public Company Accounting Oversight Board rules require the registration of all public accounting firms that issue or prepare audit reports on U.S. public companies, or that play a role in the preparation of such audit reports. Beginning October 22, 2003, U.S. public accounting firms must be registered with the PCAOB in order to engage in that work.
PCAOB Chairman William J. McDonough said - registration is a prerequisite for accounting firms to continue their work as auditors of public companies. It is also the foundation, established in the Sarbanes-Oxley Act, for the PCAOB to perform its important functions of inspection and enforcement.
Inspection is one of the strongest tools we have to see that accounting firms fulfill the expectations of the Sarbanes-Oxley Act - McDonough said. Regular inspectionswill occur every year for firms with more than 100 audit clients. Other firms will be inspected once every three years. And when the Board thinks circumstances warrant, we can order a special inspection, regardless of timing.
The list of accounting firms now registered can be found under Registration - www.pcaobus.org.
Source: PCAOB
Published:2003-10-28
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