The US accounting regulator is stepping up its inspections of foreign audit firms this year as it seeks to minimise political and legal controversy caused by the work.
The Washington-based Public Company Accounting Oversight Board completed its first inspections of foreign audit firms during 2005 in Canada, Chile, Israel and the UK.
The PCAOB did 16 inspections of foreign firms last year and is considering sending its staff to countries in continental Europe and Asia this year. "We expect to inspect more non-US firms in 2006," said the PCAOB.
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