The Public Company Accounting Oversight Board (PCAOB) has scheduled an open meeting to consider issuing for public comment a proposed policy statement concerning its non-US inspections, it was announced this week.
The policy statement identifies the factors relevant to “full reliance” by the Board on the inspections systems of its non-US counterparts, that are sufficiently rigorous to meet the level of protection for investors that is required by the Sarbanes-Oxley Act.
The proposed policy statement that the Board will consider is intended as further guidance on the implementation of the Board’s Rule 4012 (Inspections of Foreign Registered Public Accounting Firms), which permits the Board to adjust its reliance on the inspections of auditor oversight entities located in the home countries of registered non-US audit firms based upon the independence and rigor of those entities.
The meeting has been scheduled for Wednesday, December 5, and will take place in Washington, DC. It will be open to the public and Webcast via a link on the PCAOB’s website that will be made available the day of the meeting. The meeting also will be available via Podcast later in the day.
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