The US Public Company Accounting Oversight Board (PCAOB) has announced plans to review around 650 audits of public companies this year, its chairman Willam McDonough revealed last Thursday.
"We will consider auditor independence and particular non-audit services, such as tax services, in the post-Sarbanes-Oxley environment," the PCAOB chief revealed in prepared remarks to be delivered to the House Capital Markets Subcommittee.
The board intends to examine 5% of audits completed by the ‘big four’ accounting firms (totalling some 500 audits) in addition to 15% of the audits undertaken by the next largest four firms (accounting for a further 150). The PCAOB also plans to look at small firm audits on an individual basis.
McDonough additionally announced that the board will hold a forum on tax services and auditor independence on July 14.
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