BusinessCompany NewsSEC to continue ‘Sarbanes-Oxley talks’ with EC

SEC to continue 'Sarbanes-Oxley talks' with EC

The US Securities and Exchange Commission has vowed to continue its dialogue with the EC over the extra-territorial effects of the Sarbanes-Oxley Act, following the publication of proposed rules on the oversight of non-US audit firms.

Link: Sarbanes-Oxley special report

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.

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