PCAOB Adopts Reporting Rules for Accounting Firms
 
June 16, 2008
 

On June 10, 2008, the Public Company Accounting Oversight Board (PCAOB) adopted rules that require accounting firms registered with the PCAOB to file annual and special reports. The rules are the first of its kind and are designed to ensure that the PCAOB has updated information about the more than 1,800 registered firms. The first type of reporting obligation requires that the registered firm provide an annual report with basic information about the firm and its issuer-related practice over the most recent 12-month period. This information may include the fees billed to issuer audit clients and certain disciplinary history of persons who have joined the firm. The second reporting obligation requires registered firms to report certain events within 30 days of their occurrence. These events include a change in the firm’s name or contact information and disciplinary actions against the firm or certain categories of persons. The PCAOB will submit the new rules to the SEC and the rules will take effect 60 days after SEC approval.

http://www.pcaobus.org/News_and_Events/News/2008/06-10.aspx