February 2, 2009
Certified Public Accountants and Auditing Oversight Board
Financial Services Agency
Submission of joint comments from CPAAOB and FSA on the draft on “Rule amendments concerning the timing of certain inspections of non-U.S. firms, and other issues relating to inspections of non-U.S. firms”
On February 2, the Certified Public Accountants and Auditing Oversight Board (CPAAOB) and the Financial Services Agency (FSA) issued a joint comment letter to the Public Company Accounting Oversight Board (PCAOB) of the United States regarding its draft on “Rule amendments concerning the timing of certain inspections of non-U.S. firms, and other issues relating to inspections of non-U.S. firms”.
The Sarbanes-Oxley Act of 2002 of the U.S. requires the PCAOB to conduct inspections once every three years with respect to each registered public accounting firm that regularly provides audit reports for 100 or fewer issuers, regardless of whether they are domestic or foreign.
The PCAOB has invited public comments on the draft change to Rule 4003 that would confer on the PCAOB the ability to postpone, for up to three years, certain inspections of foreign audit firms that are required to be conducted before the end of 2009, as well as on the possible Board action in the event a non-U.S. firm declines to comply with an inspection demand because of a concern that doing so may violate the firm’s local law.
The outline of our comments is as follows:
Certified Public Accountants and Auditing Oversight Board, Government of Japan
(Tel. +813-3506-6000 ext.2432)
Financial Services Agency, Government of Japan
Corporate Accounting and Disclosure Division, Planning and Coordination Bureau
(Tel. +813-3506-6000 ext.3663)
Attachment-1 : Comment letter from CPAAOB and FSA to PCAOB (PDF:55KB)
Attachment-2 : Public consultation document on the proposed rule amendments (PDF:91KB)
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