PCAOB to Consider Enforcement, Inspections Rules

The Public Company Accounting Oversight Board has scheduled an open meeting for 2 p.m. Monday, July 28, in the Senate Room at the Capital Hilton, 16th & K Streets NW, Washington, D.C.

The Board is scheduled to consider:

• A recommendation to propose rules on investigations and disciplinary proceedings - Under the Sarbanes-Oxley Act of 2002, the Board's responsibilities include conducting non-public investigations of possible violations of certain laws, rules, and professional standards by registered public accounting firms and persons associated with those firms, holding non-public disciplinary hearings and imposing a range of sanctions. The Board will consider proposing rules governing investigation and hearing procedures and setting out the sanctions the Board may impose.
• A recommendation to propose rules on inspections - The Board also has statutory responsibility to conduct inspections of registered public accounting firms on a regular basis, including annual inspections for the largest firms. Board inspections must examine, among other things, a firm's quality control systems and selected audit and review engagements of the firm. The Board will consider proposing rules establishing a procedural framework for the inspections program.
• A recommendation to propose a rule governing withdrawal from registration - The Board has previously adopted rules relating to the process by which a public accounting firm registers with the Board. The Board will consider proposing a rule governing the process by which a firm may seek to withdraw its registration.

The meeting will be webcast and open to the public. An archived audio webcast of the Board's meeting is accessible here.