Sunday, September 24, 2006

Peekaboo Regulators Creep Over The Pond


We hear that The Public Company Accounting Oversight Board (PCAOB or Peekaboo) has started to visit US-headquartered audit firms in London, UK, specifically BDO and Ernst and Young LLP to carry out inspections under Sarbanes-Oxley. Sarbox specifies that US regulators have to report every year on foreign audit firms which have more than 100 clients with U.S. listings. Further a report every three years is needed for those with less than 100 U.S.-listed clients...