The Public Company Accounting Oversight Board is taking a new approach to getting its inspectors in the door of auditing firms outside the U.S. that claim they can’t be inspected because of legal restrictions from foreign officials.
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The PCAOB issued a release on Thursday to provide notice of the new approach to registration applications from firms in non-U.S. jurisdictions. In some cases, PCAOB-registered firms outside the U.S. have claimed legal restrictions or pointed to the objections of local authorities in denying the PCAOB access to information that the PCAOB considers necessary for its inspections.
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