*Jurisdictions will not be removed from this list without public disclosure of the reason for removal.
The list below identifies the jurisdictions in which there are registered non-U.S. firms that the PCAOB intends to inspect in 2012 (the 2012 list). The information provided is as of June 30, 2012.
The inspection schedule for non-U.S. firms is based primarily on the inspection deadline for a particular firm, but also may be affected by the inspection schedule of the firm’s home-country regulator, and/or the risk that a firm or its audit clients presents to investors and the public. In addition, one or more firms from jurisdictions not currently included on the list may be added to the inspection schedule for a variety of reasons, including the availability of PCAOB resources, the inspection schedule of a firm’s home-country regulator, and new information about the potential risk posed by a firm or its audit clients to investors and the public.
When the PCAOB announced its decision to publish at the beginning of each year the list of jurisdictions in which it intends to conduct inspections, the Board stated that, if a jurisdiction were removed from this list because no inspections were conducted in the jurisdiction in that year, the PCAOB would publicly disclose that fact and explain the reason for the change. In January 2012, the PCAOB announced its intention to conduct inspections in 40 non-U.S. jurisdictions in 2012.
The PCAOB is announcing the addition of Australia, New Zealand and Thailand to the 2012 list. The PCAOB moved up to 2012 the inspection of one firm in each of these three jurisdictions. These three firms were otherwise scheduled to be inspected in years beyond 2012. The inspection of two of these firms was moved up to maximize the use of PCAOB resources; the inspection of the third firm was moved up at the request of the local regulator in order to synchronize the PCAOB inspection with the inspection of the local regulator.
The PCAOB continues to be denied access to the information necessary to conduct inspections of registered firms located in 16 jurisdictions that were included in the version of the 2012 list issued in January 2012 (Austria, Belgium, China, Cyprus, the Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, Luxembourg, Poland, Portugal and Sweden). Such denial is based mostly on either asserted restrictions under local law or objections based on national sovereignty. While the PCAOB continues to seek to resolve the obstacles to PCAOB inspections with the relevant authorities in these jurisdictions and expects to conclude bilateral agreements in certain of these jurisdictions by the end of the year, inspections in these jurisdictions are for the most part unlikely to be possible in 2012.