Registered Firms Not Yet Inspected Even Though Four or More Years Have Passed Since Issuance of an Audit Report While Registered (as of Dec. 31, 2014)

The list below includes the names of registered firms for which, as of December 31, 2014, the inspection fieldwork had not yet been completed by the PCAOB, even though four or more 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 three firms (one firm in each of France, Spain and Sweden) have been removed from the June 30, 2014 version of this list because the inspection fieldwork of such firms has been completed. In addition, eight firms (one firm in each of Greece and Spain, two firms in China and four firms in Hong Kong) have been added since the June 30, 2014 version of this list because, as of December 31, 2014, four or more years have passed since the end of the calendar year in which these firms first issued an audit report while registered with the PCAOB.

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).[1]  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. Many of the firms included on this list are located in a jurisdiction where the PCAOB is being denied access to the information necessary to conduct inspections of registered firms on the basis of asserted restrictions under local law or objections based on national sovereignty. As of December 31, 2014, the PCAOB was unable to conduct inspections of firms located in 13 such jurisdictions (Austria, Belgium, China, Cyprus, the Czech Republic, Greece, Hong Kong, Hungary, Ireland, Italy, Luxembourg, Poland and Portugal).[2] In addition, the PCAOB remains unable to conduct inspections of firms located in Venezuela despite attempts to communicate with the Venezuelan government. The PCAOB continues to seek to resolve the obstacles to PCAOB inspections with the relevant authorities in all of these jurisdictions and remains optimistic about concluding bilateral agreements with many of them in the foreseeable future. While the PCAOB concluded a cooperative arrangement with Denmark in July 2014, joint inspections in Denmark had not yet commenced as of December 31, 2014. With respect to certain other jurisdictions, namely France, Germany, Spain and Sweden, cooperative agreements that permit PCAOB inspections have been concluded, but not all firms in the jurisdiction have been inspected to date.

With respect to the firms listed below, no PCAOB inspections have been completed even though four or more years have passed since the end of the calendar year in which they first issued an audit report while registered with the PCAOB.

PLEASE NOTE:

Inclusion on this list should not be construed to support any positive or negative inferences about the quality of the firm's audit work, its systems, policies, procedures, or practices.

[1] For more detail about these rules and the PCAOB's decision to publish this information, please see PCAOB Release No. 2009-003, Final Rule Concerning the Timing of Certain Inspections of Non-U.S. Firms, and Other Issues Relating to Inspections of Non-U.S. Firms (June 25, 2009), issued in connection with the PCAOB's adoption of PCAOB Rule 4003(g); and PCAOB Release No. 2008-007, Rule Amendments Concerning the Timing of Certain Inspections of Non-U.S. Firms, and Other Issues Relating to Inspections of Non-U.S. Firms (Dec. 4, 2008), issued in connection with the PCAOB's adoption of PCAOB Rule 4003(f).

[2] The PCAOB currently is prevented from inspecting the U.S.-related audit work and practices of PCAOB-registered firms in Greece, Ireland and, to the extent their audit clients have operations in mainland China, Hong Kong, because of the positions taken by the local authorities in these jurisdictions. Certain registered firms in these three jurisdictions previously had been inspected by the PCAOB either because, in the case of some firms in Greece and Ireland, an inspection was conducted before the current obstacles arose, or because, in the case of some firms in Hong Kong, the inspections did not involve, or no obstacles were raised to, the review of audit work relating to a company's operations in China.

Since the previous update dated as of June 30, 2014, the PCAOB concluded a cooperative arrangement with the Danish audit regulator that provides a framework for the PCAOB to conduct joint inspections in Denmark.

NAME OF FIRM COUNTRY
PwC Wirtschaftsprüfung GmbH Austria
Deloitte Bedrijfsrevisoren / Reviseurs d'Entreprises Belgium
Ernst & Young Bedrijfsrevisoren C.V.B.A. – Réviseurs d’Entreprises S.C.R.L. Belgium
Grant Thornton Bedrijfsrevisoren - Réviseurs d’Entreprises (formerly known as PKF bedrijfsrevisoren BV o.v.v.e. CVBA) Belgium
Klynveld Peat Marwick Goerdeler Bedrijfsrevisoren civil CVBA/SCRL Belgium
Dahua CPA Co., Ltd. (formerly known as BDO China Dahua CPA Co. Ltd.) China
Deloitte Touche Tohmatsu Certified Public Accountants LLP China
Ernst & Young Hua Ming LLP China
Gansu Hongxin Accountants Ltd China
Grant Thornton China
JTC Fair Song CPA Firm China
PricewaterhouseCoopers Zhong Tian LLP China
Reanda CPAs Co., Ltd China
Shanghai Perfect C.P.A. Partnership China
Shanghai Zhonghua Certified Public Accountants (formerly known as Grant Thornton Zhonghua) China
Ernst & Young Cyprus Limited Cyprus
Ernst & Young Audit, s.r.o. Czech Republic
Deloitte Statsautoriseret Revisionspartnerselskab Denmark
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Denmark
Deloitte & Associés France
PricewaterhouseCoopers Audit France
Salustro Reydel (KPMG) France
BDO AG Wirtschaftsprüfungsgesellschaft Germany
Grant Thornton SA Greece
KPMG Certified Auditors A.E. Greece
Pricewaterhousecoopers Auditing Company SA Greece
Baker Tilly Hong Kong Limited Hong Kong
BDO Limited Hong Kong
Crowe Horwath (HK) CPA Limited Hong Kong
Deloitte Touche Tohmatsu Hong Kong
Ernst & Young Hong Kong
K.P. Cheng & Co. Hong Kong
KPMG Hong Kong
Mazars CPA Limited Hong Kong
PricewaterhouseCoopers Hong Kong
UHY Vocation HK CPA Limited Hong Kong
Wong Lam Leung & Kwok C.P.A. Limited Hong Kong
BDO Magyarország Könyvvizsgáló Kft. Hungary
KPMG Hungaria Kft. Hungary
PricewaterhouseCoopers Könyvvizsgáló Kft. Hungary
Ernst & Young Chartered Accountants Ireland
Grant Thornton Ireland
BDO S.p.A. Italy
Deloitte & Touche S.p.A. Italy
KPMG S.p.A. Italy
PricewaterhouseCoopers spa Italy
Reconta Ernst & Young S.p.A. Italy
Deloitte Audit Luxembourg
PricewaterhouseCoopers, Société coopérative (formerly known as PricewaterhouseCoopers S.a r. l.) Luxembourg
BDO Sp. z o.o. Poland
PricewaterhouseCoopers Sp. z o.o. Poland
Deloitte & Associados, SROC, S.A. Portugal
KPMG & Associados - Sociedade de Revisores Oficiais de Contas, S.A. Portugal
KPMG Auditores, S.L. Spain
Pricewaterhousecoopers Auditores, S.L. Spain
BDO Sweden AB Sweden
Deloitte AB Sweden
Ernst & Young AB Sweden
Espiñeira, Pacheco y Asociados (Pricewaterhousecoopers) (formerly known as Espiñeira, Sheldon y Asociados) Venezuela
Rodriguez Velázquez & Asociados (formerly known as Alcaraz Cabrera Vazquez) Venezuela