The Public Company Accounting Oversight Board today adopted rules for annual and special reporting of information and events by accounting firms that are registered with the PCAOB.
Section 102(d) of the Sarbanes-Oxley Act of 2002 provides that each registered public accounting firm shall submit an annual report to the Board, and also may be required to report more frequently, to provide information specified by the Board. The reporting requirements in the new rules are the first such requirements adopted by the Board.
PCAOB Chairman Mark Olson said, “With today’s action, the Board is putting in place requirements that will ensure that fundamental information about each of the more than 1,800 firms registered with the PCAOB is kept up-to-date and that each firm promptly discloses certain significant events. With this foundation in place, the Board can also, in the future, add other reporting and disclosure obligations that may appropriately serve the public interest.”
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