This list includes the names of registered firms for which, as of December 31, 2011, 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. The Board announced its intention to publicly identify firms meeting that criteria in the release issued in connection with the PCAOB's adoption of PCAOB Rule 4003(g); and the release issued in connection with the PCAOB's adoption of PCAOB Rule 4003(f). This list is updated, at a minimum, on a semiannual basis to add firms that qualify for the list and also to remove firms from the list when the inspection fieldwork has been completed or the firm has 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 permit 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 the registered firms has so far been denied on the basis of asserted restrictions under non-U.S. law or objections based on national sovereignty.
Today, the Board updated this list to show that five firms were added to the list. In addition, five firms were removed from the list because the inspection fieldwork of such firms has been completed; two firms were removed from the list because they voluntarily withdrew from PCAOB registration; and one firm was removed from the list after it was determined that the firm was not required to be inspected.