The proposals will permit varying degrees of reliance on a firm’s home country’s system of oversight and a change to the PCAOB’s registration form topermit the inclusion of information on local regulation.
The deadline for registration for non-US firms has also been extended for a further 90 days.
The move has been welcomed by the ICAEW, while former institute president Peter Wyman, still heavily involved in post-Enron issues, said the tone of the proposals was encouraging. But he added: ‘We need to see the detailed rules and take it from there’.
A spokeswoman for the PCAOB admitted that, although talks with individual nations were not out of the question in the future, for the time being discussions would continue through the European Commission.
She admitted that it was too soon to say which national oversight systems the board would rely on most, but played down the impact that the proposals would have. ‘The vast majority of audits done by non-US firms of US companies are already done by the Big Four or its subsidiaries,’ said the spokeswoman.
‘These firms have already registered and are subject to inspections by the PCAOB.’
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