Washington (Dec. 8, 2003) -- The Public Company Accounting Oversight Board has scheduled a Dec. 9 meeting to consider proposals and comments on rules related to “cooperative” inspections of public accounting firms outside the U.S. that are required to register with the board.
In an October brief, the PCAOB noted that inspections and investigations of non-U.S. firms may — in certain circumstances be done via a “cooperative approach” that would include roles for both the board and for a non-U.S. system of accounting oversight.
At the Tuesday meeting, the PCAOB will consider proposing rules designed to facilitate a cooperative approach to inspections and investigations.
Under Sarbanes-Oxley, non-U.S. accounting firms that audit or have a substantial role in the audits of companies whose securities trade in U.S. markets are required to register with the PCAOB.
The board will also consider whether to propose and seek comment on an amendment to its existing registration rules that would extend by 90 days (to July 19, 2004) the deadline for registration of non-U.S. firms. Previously, non-U.S. firms had a mid-April 2004 deadline to register with the board.
The 2 p.m. meeting is open to the public and will be Webcast at www.pcaobus.org
- WebCPA staff
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