This updated list includes the names of registered firms for which, as of June 30, 2012, the inspection fieldwork had not yet been completed by the PCAOB, even though more than four years have passed since the end of the calendar year in which the firm first issued an audit report while registered with the PCAOB. This updated list indicates that four firms were removed from the previous version of the 2012 list because the inspection fieldwork of such firms has been completed.
The Board had previously announced its intention to publicly identify firms meeting the criteria above. Such intention was communicated in the releases issued in connection with the PCAOB's adoption of PCAOB Rule 4003(g) and PCAOB Rule 4003(f). Accordingly, this list is updated, at a minimum, on a semiannual basis by adding firms that qualify for the list and also by removing firms for which the inspection fieldwork has been completed or that have voluntarily deregistered from the PCAOB.
The reasons that the inspection fieldwork for a firm has not been completed within four years of the firm having issued an audit report while registered with the PCAOB may vary. For example, some firms are included on the list because their inspections were postponed pursuant to Rule 4003(f) or Rule 4003(g), which permitted the PCAOB to postpone, for a limited time, the first inspections of certain non-U.S. firms. Certain other firms are included on this list because access to information necessary to conduct inspections of such firms has so far been denied on the basis of asserted restrictions under local law or objections based on national sovereignty.