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PCAOB Issues for Comment Proposed Guidance Regarding the Implementation of PCAOB Rule 4012

PCAOB Issues for Comment Proposed Guidance Regarding the Implementation of PCAOB Rule 4012

by Toby Lucich on December 5, 2007

The Public Company Accounting Oversight Board (PCAOB) today voted to issue for public comment a proposed policy statement that identifies the factors relevant to “full reliance” by the Board on the inspections systems of its non-U.S. counterparts that are sufficiently rigorous to meet the level of protection for investors that is required by the Sarbanes-Oxley Act of 2002.

“The PCAOB recognizes that cross-border cooperation is fundamental to strengthening audit quality globally. The policy statement provides the architecture for the PCAOB to increase its reliance on the inspections of foreign counterparts, including our colleagues in the European Union,” said PCAOB Chairman Mark W. Olson.

The proposed policy statement provides guidance on 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-U.S. audit firms, based upon the level of independence and rigor of those entities.

PCAOB Issues for Comment Proposed Guidance Regarding the Implementation of PCAOB Rule 4012

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