05-22-2003, 03:02 AM
Further, please see following proposed section regarding "registration" of audit firms with PCAOB, USA.
Quote
Section 102 of the Sarbanes-Oxley Act of 2002 (the âActâ) prohibits accounting firms that are not registered with the Board from preparing or issuing audit reports on U.S. public companies (i.e., âissuersâ, as defined in the Act) and from participating in such audits. Section 106(a) of the Act provides that any non-U.S. public accounting firm that prepares or furnishes an audit report with respect to any U.S. public company is subject to the Boardâs rules to the same extent as a U.S. public accounting firm. Section 106(a) further authorizes the Board to require that non-U.S. public accounting firms that do not issue such reports, but that play a substantial role in the preparation of the audit reports, register.
The Act provides that firms must register with the Board if they wish to engage in these activities after the 180-day period following the Commissionâs determination that the Board has the capacity to carry out the requirements of the Act. That determination must be made no later than April 26, 2003.
UN-Quote
Though Pakistani audit firms may not directly be involved but what about those firms who are involved in audit of Pakistani segments of USA companies? Is ICAP framing any policy or guidelinefor this or it simply is none of our concerns!!!
Quote
Section 102 of the Sarbanes-Oxley Act of 2002 (the âActâ) prohibits accounting firms that are not registered with the Board from preparing or issuing audit reports on U.S. public companies (i.e., âissuersâ, as defined in the Act) and from participating in such audits. Section 106(a) of the Act provides that any non-U.S. public accounting firm that prepares or furnishes an audit report with respect to any U.S. public company is subject to the Boardâs rules to the same extent as a U.S. public accounting firm. Section 106(a) further authorizes the Board to require that non-U.S. public accounting firms that do not issue such reports, but that play a substantial role in the preparation of the audit reports, register.
The Act provides that firms must register with the Board if they wish to engage in these activities after the 180-day period following the Commissionâs determination that the Board has the capacity to carry out the requirements of the Act. That determination must be made no later than April 26, 2003.
UN-Quote
Though Pakistani audit firms may not directly be involved but what about those firms who are involved in audit of Pakistani segments of USA companies? Is ICAP framing any policy or guidelinefor this or it simply is none of our concerns!!!