The Public Company Accounting Oversight Board has approved amendments that would reduce the frequency of inspections of accounting firms that do not regularly issue audit reports.
The board adopted two amendments to PCAOB Rule 4003 that would eliminate a requirement that the board regularly inspect each registered public accounting firm that plays a "substantial role" in audits but does not issue audit reports. The amendments would also eliminate a requirement that the board inspect each registered public accounting firm that issues an audit report, even if the firm does not regularly issue audit reports.
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