Speaking to Accountancy Age, SEC commissioner Harvey Goldschmidt said the financial watchdog would continue to help in discussions with its European counterpart, although the responsibility for dealing with the oversight of foreign audit firms now lies with the Public Company Accounting Oversight Board and its chairman William McDonough.
‘We are still very much involved in the process and will continue contact with the EC over this and other subjects,’ said Goldschmidt. ‘There is no reason to believe this dialogue will not continue.’
The PCAOB has faced a backlash from countries opposed to the rules, which would see non-US accounting firms dealing with US-listed clients subject to inspections. ‘There is a sense of deference towards the board and although we work closely with it there is no desire to interfere,’ said Goldschmidt.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements