The PCAOB wrestles with the notion of outsourcing inspections to foreign counterparts.
Globalization may be making its way to the world of auditing and, as with the convergence of accounting standards, frayed nerves can be found everywhere. A panel of regulators, accounting firms, and investors convened Wednesday for a debate that at times grew testy over whether audit inspectors around the globe can, or should, rely on one another.
The Public Company Accounting Oversight Board organized a roundtable to focus on a proposed new policy to entrust its international counterparts to carry out inspections of non-American accounting firms that audit U.S. public companies. The proposed policy statement would give the PCAOB room to give a foreign regulator "full reliance," meaning that regulator would be entrusted to do field work and inspections on its own, and provide the PCAOB with a report for each firm it inspects.
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