Resources for Sarbanes-Oxley (SOX)

Global Audit Oversight: A Matter of Trust

www.cfo.com

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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