The Public Company Accounting Oversight Board has published two lists of accounting firms that have not yet been inspected and jurisdictions in which it has inspected registered non-U.S. firms.
One is a list of registered firms in other countries that have not yet been inspected by the PCAOB, even though more than four years have passed since the end of the calendar year in which the firm first issued an audit report while registered with the board. The other is an updated listing of foreign jurisdictions in which the PCAOB has conducted inspections of registered non-U.S. firms.
With regard to the first list, the PCAOB said the delay in conducting its initial inspection of registered firms is consistent with the boards rules. Rule 4003(f) extended from 2008 to 2009 the deadline for the first inspection of certain registered non-U.S. firms. Rule 4003(g), if approved by the Securities and Exchange Commission, would give the board the ability to postpone, for up to three years, the first inspection of any registered foreign public accounting firm that the PCAOB is otherwise required to conduct before the end of 2009 and that is in a jurisdiction in which the board did not conduct an inspection prior to 2009.
With regard to the second list, the PCAOB noted that it has conducted inspections of non-U.S. firms in 27 jurisdictions as of July 31, 2009.
The PCAOB also reported on its progress on meeting its 2009 target for the inspection of certain non-U.S. firms eligible to be deferred, pursuant to a recent rule amendment. As of Dec. 31, 2008, the PCAOB had completed 128 foreign inspections. In 2009, the board contemplates conducting an additional 82 non-U.S. inspections. As of July 31, 2009, the PCAOB has conducted 19 of these 2009 non-U.S. inspections and has confirmed the timing of an additional 19 inspections.
For more information, visit www.pcaobus.org.
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