Washington, DC, May 23, 2008 – The Public Company Accounting Oversight Board today concluded its second International Auditor Regulatory Institute. Representatives of auditor oversight bodies and government agencies from more than 45 countries convened in Washington, D.C., to learn more about the PCAOB’s programs and exchange views on issues that have an impact on the oversight of auditors.
The Institute took place over three days, offering seminars on the structure of the PCAOB’s auditor oversight program, considerations relevant to international inspections, and current topics in enforcement and standards-setting. The Institute also focused on broader auditing oversight issues and regional issues.
“Based on the global nature of our markets, it is essential for audit oversight bodies to work with one another and understand each other’s systems of oversight. To that end, active discussions and knowledge-sharing among regulators – such as the constructive dialogue we had this week -- are instrumental to enhancing audit oversight and the overall quality of audits globally,” said PCAOB Chairman Mark W. Olson.
More than 860 audit firms from over 85 countries are currently registered with the PCAOB. The Sarbanes-Oxley Act of 2002 directs the PCAOB to oversee and periodically inspect accounting firms that regularly audit U.S. public companies.
“Last year’s meeting of the International Auditor Regulatory Institute was a tremendously positive experience for us and for our international counterparts. This year we advanced the discussion through an even broader group of participants and a wider exchange of ideas,” said Rhonda Schnare, PCAOB Director of International Affairs.
Now in its sixth year of operation, the PCAOB established the Institute in 2007 to provide a forum for open discussion, among regulators around the world, about the approaches to auditor oversight that serve to better protect the interests of investors and increase the quality of audits.
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The PCAOB is a private-sector, nonprofit corporation, created by the Sarbanes-Oxley Act of 2002, to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports.