Washington (Dec. 10, 2003) -- The Public Company Accounting Oversight Board moved to soothe ruffled regulatory feathers throughout the international accounting community by proposing new rules that grant foreign regulatory bodies a role in inspecting and investigating non-U.S. accounting firms subject to the board’s registration requirements.

The proposal, advanced unanimously at Wednesday’s meeting, is aimed at developing a “cooperative arrangement” under which the PCAOB would rely on foreign regulatory organizations to inspect, investigate, and sanction their home country accountants “to the maximum extent possible.”

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