According to reports in the UK media, Sarbanes-Oxley is extending its reach still further outside of the United States.
The Times reported last week that under the auspices of the US corporate governance legislation, representatives from the Public Company Accounting Oversight Board (PCAOB) in November examined financial statements audited by BDO Stoy Hayward to determine whether the UK accounting firm was operating in line with US standards.
Speaking to the newspaper with regard to the checks, BDO managing partner, Jeremy Newman observed that:
"This is something that just has to be done if you want to be involved in the US market."
The report went on to reveal that the PCAOB intends to examine other accounting firms with US-listed clients, over a three year period.
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