PracticeAuditPCAOB steps up foreign inspections

PCAOB steps up foreign inspections

Big Four and other UK firms in line for foreign probe in 2006

More UK audit firms can expect to be targeted by the US Public Company
Accounting Oversight Board this year, after the body said it would step up
inspections of foreign firms in 2006.

Last year, the PCAOB carried out inspections of 16 foreign firms, including
that of BDO Stoy Hayward. The Big Four and other firms in the UK are expected to
receive visits over the course of 2006 following talks with the Financial
Reporting Council last month, the Financial Times reports.

Although many firms are concerned over the extraterritorial powers that the
PCAOB has over their firm and the risk of ‘double jeopardy’ punishment from the
body and a national regulator, BDO’s managing partner Jeremy Newman actively
encouraged the inspections, which were carried out jointly with the FRC’s audit
inspection unit.

‘We let the PCAOB come in because we wanted to show that our audit procedures
are as robust and strong as anyone else’s and we are as capable as anyone else
of auditing companies with US listings,’ he said.

Related Articles

EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

18h Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

4d Emma Smith, Managing Editor
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2w Alia Shoaib, Reporter
PwC to audit BBC pay policies following gender pay gap outrage

Accounting Firms PwC to audit BBC pay policies following gender pay gap outrage

1m Alia Shoaib, Reporter
PwC to take over from Deloitte as Diploma auditor

Accounting Firms PwC to take over from Deloitte as Diploma auditor

1m Alia Shoaib, Reporter
KPMG rocked by South African corruption scandal

Audit KPMG rocked by South African corruption scandal

3w Alia Shoaib, Reporter
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

4w Emma Smith, Managing Editor
FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

Accounting Firms FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

4w Emma Smith, Managing Editor