The Public Company Accounting Oversight Board has adopted rules requiring audit firms to submit reports at least once a year on fees, disciplinary actions and other information that will be posted on its Web site.Each of the more than 1,800 public accounting firms registered with the PCAOB must provide basic information about audit reports issued during the year and the disciplinary history of people who have joined the firm during that time. They must also report information about fees billed to audit clients in various categories of services as a percentage of the firm’s total fees billed.
Firms may also need to submit special reports in addition to the annual report. If a special event occurs, such as a change of name or contact details, or if the auditor withdraws an audit report and the client hasn’t reported that fact in an 8-K filing with the Securities and Exchange Commission, the information must be reported within 30 days to the PCAOB. The need for a special report can also be triggered if certain types of legal, administrative or disciplinary proceedings are instituted against the firm or certain categories of individuals at the firm.
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