Registered public accounting firms are required by PCAOB rules to file annual reports, to file timely special reports if certain specified events occur, and to pay an annual fee.
Detailed information concerning the rules and the forms can be found in the PCAOB adopting release (link on the right). Like the Form 1 registration application, Forms 2 and 3 must be filed electronically through the PCAOB Web-based system. Guidance for registered firms concerning compliance with the reporting requirements and use of the Web-based system for filing Forms 2 and 3 is available (link on the right).
The PCAOB will make each firm’s filings on Forms 2 and 3 available to the public on the Web site promptly upon the filing of the form. Certain limited information reported on those forms will not be made public if it meets specified criteria for confidential treatment.
PCAOB rules require registered firms to file annual reports on Form 2, with the first annual reports due June 30, 2010. All firms that are registered with the PCAOB as of March 31 of a particular year must file, by June 30 of that year, an annual report covering the 12-month period ending March 31.
Annual reports require firms to report information about such things as audit reports issued and disciplinary histories of new personnel.
Under the rules, registered firms must report certain events that occur by filing a Form 3 Special Report within 30 days after the event. Form 3 reportable events range from administrative matters such as changes in a firm’s contact information to more substantive matters, including the institution of certain types of legal proceedings against a firm or its personnel.
All firms registered as of March 31 of a given year must pay an annual fee by July 31 of that year.