December 29, 2005
PCAOB Goes Inspecting Across the Pond
UK accounting firms who audit companies listed on US exchanges have been receiving visits from the PCAOB. Much to their dismay, this is the price of auditing firms who must comply with Sarbanes-Oxley.
An excerpt on this:
"AMERICAN financial regulators have flown to Britain to scour the books compiled by Britain’s top accounting firms, in their latest move to exploit wide-ranging powers introduced by Sarbanes-Oxley legislation, The Times has learnt.
Inspectors from the Public Company Accounting Oversight Board (PCAOB), the American accountancy regulator, last month examined some financial statements audited by BDO Stoy Hayward, the mid-tier accounting firm. The inspectors were checking up on the firm to see whether its practices are in line with US standards.
It is understood that the US inspectors will now seek to subject other British accounting firms that have clients with US listings to the same level of inquiry.
It is also understood that the PCAOB has a three-year timetable to inspect the UK auditors of foreign companies registered in the US. " For the complete article, click here.
If your firm needs to comply with US Sarbanes-Oxley or Canadian regulations 52-109/52-111, see www.issuescentral.com to learn more about the Compliance Playbook(tm) or the Compliance Partner(tm).
An excerpt on this:
"AMERICAN financial regulators have flown to Britain to scour the books compiled by Britain’s top accounting firms, in their latest move to exploit wide-ranging powers introduced by Sarbanes-Oxley legislation, The Times has learnt.
Inspectors from the Public Company Accounting Oversight Board (PCAOB), the American accountancy regulator, last month examined some financial statements audited by BDO Stoy Hayward, the mid-tier accounting firm. The inspectors were checking up on the firm to see whether its practices are in line with US standards.
It is understood that the US inspectors will now seek to subject other British accounting firms that have clients with US listings to the same level of inquiry.
It is also understood that the PCAOB has a three-year timetable to inspect the UK auditors of foreign companies registered in the US. " For the complete article, click here.
If your firm needs to comply with US Sarbanes-Oxley or Canadian regulations 52-109/52-111, see www.issuescentral.com to learn more about the Compliance Playbook(tm) or the Compliance Partner(tm).
