The amendments to Rule 4003, which the board previously proposed for public comment, would eliminate the rule's requirement that the board regularly inspect each registered public accounting firm that plays a "substantial role" in audits but does not issue audit reports. 

The amendments would also eliminate the rule's requirement that the board inspect each registered public accounting firm that issues an audit report, even if the firm does not regularly issue audit reports.

The amendments would have no effect on the rule's requirements concerning the frequency of board inspections of registered firms that regularly issue audit reports.    

The meeting will be open to the public and will be Webcast via a link on the PCAOB's Web site that will be made available on the day of the meeting, Oct. 16, at 9:30 am. The open meeting also will be available via podcast later in the day.