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Sarbanes-Oxley News & Developments
Board Proposes Rules On Oversight of Non-US Accounting FirmsRules relating to the inspection and investigation of non-US public accounting firms.
> > The PCAOB voted unanimously to propose for public comment rules relating to the inspection and the investigation of non-US public accounting firms. The Board also voted unanimously to propose extending the registration for non-US firms by 90 days to July 19, 2004.
Section 106(a) of the Sarbanes-Oxley Act of 2002 provides that any non-US public accounting firm that prepares or furnishes an audit report with respect to any US public company is subject to the Act and rules of the Board and the SEC, in the same manner and to the same extent as a public accounting firm that is organized and operates under the laws of any state in the United States.
Section 104(a) of the Act directs the Board to conduct a continuing program of inspections to assess the degree of compliance of each registered public accounting firm and associated persons of that firm with the Act, Board and Commission rules, and professional standards in connection with the performance of audits, the issuance of audit reports, and related matters involving US public companies.In conducting an inspection, Section 104(d) of the Act directs the Board to take specific steps regarding its inspections.
Source: PCAOB
Published:2003-12-15
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