The Public Company Accounting Oversight Board today concluded its first International Auditor Regulatory Institute. Representatives from auditor regulators and government agencies from more than 40 countries convened on Wednesday, May 2, 2007, in Washington, D.C., to learn more about the PCAOB’s programs and how it carries out its mandate under the Sarbanes-Oxley Act of 2002.
The Institute took place over two and a half days, with one full day devoted to discussions about the PCAOB’s inspections program. The Institute also covered other significant activities of the PCAOB, including standard-setting, the enforcement process and international cooperation.
The Sarbanes Oxley Act directs the PCAOB to oversee and periodically inspect all accounting firms that regularly audit U.S. public companies. More than 780 audit firms currently registered with the PCAOB are located outside of the United States, spanning 80 countries.
"The PCAOB strongly believes that communication and cooperation among regulators is critical to the successful functioning of the global capital markets," said PCAOB Chairman Mark Olson. "It is our hope that the PCAOB Institute contributes to that communication by enhancing mutual understanding, and, ultimately, cross-border coordination among all countries."
Now in its fifth year of operation, the PCAOB established the Institute to provide a forum for open discussion about how audit regulators around the world can better protect the interests of investors and increase efficiency, reliability and transparency in accurate and reliable financial reporting.
"The high level of involvement, along with the number of countries that participated in the program, is an indication of the ongoing interest in global cooperation to protect investors through fair and independent audits," said Rhonda Schnare, PCAOB Director of International Affairs.
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