Washington (June 10, 2004) — Some, but not all, foreign accounting firms that audit U.S. corporations will be inspected by their home country regulators rather than by U.S. officials under new rules approved by the Public Company Accounting Oversight Board, June 9.

The new standard is designed to soothe international concerns that the new Sarbanes-Oxley accounting reforms are unnecessarily burdensome for non-U.S. audit firms.

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