PCAOB Registration System Now Accepting Applications

Washington, D.C., Aug. 7, 2003

The Public Company Accounting Oversight Board announced today that its online registration system for public accounting firms is accepting registration applications.

The Sarbanes-Oxley Act of 2002 and the Board's rules require the registration of all public accounting firms that issue or prepare audit reports on U.S. public companies, or that play a substantial role in the preparation of such audit reports. Beginning Oct. 22, 2003, U.S. public accounting firms must be registered with the Board in order to engage in that work.

The Sarbanes-Oxley Act provides the Board 45 days to review registration applications.

"In light of the 45-day review period, any firm that intends to meet the deadline for registration mandated by the Sarbanes-Oxley Act will have to submit its application no later than the first week of September," said George Diacont, Director of Registration and Inspections for the PCAOB. "We have staff in place to work with accounting firms to meet that timetable."

Public accounting firms that wish to apply for registration must do so by completing and submitting Form 1, available to qualified applicants through the Board's Web site at www.pcaobus.org.