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PCAOB Delays Foreign Firm Inspections
The Public Company Accounting Oversight Board has voted to delay inspections of foreign accounting firms for up to three years after hearing an outcry over the legality of the inspections from regulators and firms overseas.
The amendment to PCAOB Rule 4003(g), which was proposed for public comment in December 2008, gives the PCAOB the ability to postpone, for up to three years, the first inspection of any foreign-registered public accounting firm that the board is otherwise required to conduct before the end of 2009 and that is in a jurisdiction in which the board has not conducted an inspection prior to 2009.
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