The Public Company Accounting Oversight Board has issued a formal policy statement in an effort to get more cooperation from public accounting firms in assisting with the PCAOB’s investigations of their audits, offering extra credit for cooperating with PCAOB investigations and self-reporting violations.
The policy statement describes what the PCAOB may consider to be “extraordinary cooperation” and how credit might be reflected for such cooperation. The policy is generally consistent with the board’s existing practices, but spells out details.
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