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

PwC found negligent by US judge over Colonial Bank's $2bn fraud

Audit PwC found negligent by US judge over Colonial Bank's $2bn fraud

3w Alia Shoaib, Reporter
Deloitte South Africa investigated over Steinhoff audits

Audit Deloitte South Africa investigated over Steinhoff audits

1m Alia Shoaib, Reporter
Top 5 audit fines of 2017

Audit Top 5 audit fines of 2017

1m Alia Shoaib, Reporter
PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

1m Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

2m Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

2m Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

2m Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

2m Alia Shoaib, Reporter