Washington (May 22, 2003) -- Despite foreign accounting firms being given a six-month extension to register with the Public Company Accounting Oversight Board, the European Union Commission promised reciprocity registration for U.S. firms unless the Securities and Exchange Commission voids the PCAOB mandate.

According to recently released PCAOB registration rules, U.S. firms who audit SEC clients must register with the board by October 22.

Foreign firms with clients whose stock is traded on U.S. exchanges or prepare audit reports on U.S. companies, will be given until April 19, 2004.

The EU maintains that registering both internationally and with the PCAOB would result in higher costs.

-- WebCPA staff

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