Board to Vote on Amendments Regarding Inspection Frequency for Firms that Do Not Regularly Issue Audit Reports
The Public Company Accounting Oversight Board has scheduled an open meeting for Tuesday, October 16, 2007.
The Board will consider whether to adopt amendments to PCAOB Rule 4003. Rule 4003 addresses the minimum frequency with which the Board will conduct inspections of different categories of registered public accounting firms. The amendments, which the Board previously proposed for public comment, would eliminate the rule's requirement that the Board regularly inspect each registered public accounting firm that plays a “substantial role” in audits but does not issue audit reports. The amendments would also eliminate the rule's requirement that the Board inspect each registered public accounting firm that issues an audit report, even if the firm does not regularly issue audit reports. The amendments would have no effect on the rule's requirements concerning the frequency of Board inspections of registered firms that regularly issue audit reports.
The open meeting is scheduled for 9:30 a.m. and will be held in the Board’s open meeting room on the eighth floor at 1666 K Street, N.W., Washington, D.C. The meeting will be open to the public and will be Webcast via a link on the PCAOB’s Web site (www.pcaobus.org) that will be made available on the day of the meeting. The open meeting also will be available via podcast later in the day.
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