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 Statement on Consideration of Adopting Rules on Reporting by Registered Public Accounting Firms and on Succeeding to a Predecessor Firm's Registration Status

DATE: July 29, 2008
SPEAKER: Steven B. Harris, Board Member
EVENT: PCAOB Open Board Meeting
LOCATION: Washington, DC

Thank you, Chairman Olson.

The rules before the Board today identify when it may be appropriate for a registered firm to retain its registration status after a merger or a change in legal form. These rules, provide a mechanism for registered firms to retain their registration status when appropriate and avoid the 45-day registration process as well as additional registration fees. With these rules in place, a registered firm contemplating certain mergers or a change in legal form can now anticipate the steps required to retain registration without an interruption in service to their public company clients. In particular, I see these rules as helpful to smaller registered firms and I support adoption of the rule.

I would also like to congratulate the staff – in particular Michael Stevenson and Sarah Williams – for their work in providing firms with an option to seamlessly retain their registration status.

 

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