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PCAOB Teams Up With Aussie Regulators July 17, 2007 (SmartPros) The Public Company Accounting Oversight Board said Monday it has entered into a cooperative arrangement with the Australian Securities and Investments Commission (ASIC) for supervisory oversight of auditors and public accounting firms that practice in the two regulators' respective jurisdictions. The Sarbanes-Oxley Act directs the PCAOB to oversee and periodically inspect all accounting firms that regularly audit U.S. public companies. More than 780 audit firms currently registered with the board are located outside of the United States, spanning over 80 countries. Almost 40 of these firms are located in Australia. PCAOB Chairman Mark Olson welcomed the arrangement, which he said will "allow the PCAOB and ASIC to work closely together in the oversight of public accounting firms and auditors in the United States and in Australia." Expanding the PCAOB's international program is a top priority for the organization, according to Rhonda Schnare, PCAOB director of international affairs. Schnare said the board is currently working with other oversight bodies in several non-U.S. jurisdictions to establish cooperative arrangements. 2007 SmartPros Ltd. All rights reserved. |
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