The Public Company Accounting Oversight Board is taking a close look at the nearly 1,000 accounting firms that have registered with the PCAOB although they do not audit public companies or broker-dealers, and may decide to drop many of them.
“Currently 923 firms are registered with the PCAOB even though they do not conduct audits that would subject them to mandatory PCAOB registration,” said PCAOB member Jeanette Franzel in a speech at the Association of Government Accountants’ Annual Professional Development Conference in Dallas on Wednesday. “The board is examining the extent of this practice and the risks that may arise from gaps in expectations about what a PCAOB registration may signify.”
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