At least 12 major nations - including several of the U.S.'s top international trading partners - are continuing to slam the door on efforts by the Public Company Accounting Oversight Board to conduct cross-border inspections of non-U.S. audit firms as required by the Sarbanes-Oxley Act.
As a result, more than three dozen foreign accounting firms have managed to evade PCAOB inspections, even though they registered with the board to audit U.S. corporations more than four years ago.
The board, however, released an update to its list of jurisdictions outside the U.S. where it conducted inspections of registered firms. It conducted inspections in 33 jurisdictions as of the end of last year, including far-flung locales like Papua New Guinea and Kazakhstan. Ironically, the roster of foreign audit firms that have sidestepped PCAOB inspections is top-heavy with foreign affiliates of major U.S. firms such as the Big Four, BDO and Grant Thornton.
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