According to a speech delivered last week by William McDonough, chairman of the Public Company Accounting Oversight Board, 977 accounting firms have registered with the PCAOB. In addition, over 200 firms are awaiting approval from the Board to audit U.S. public companies.

If there was any doubt about audit firm consolidation, McDonough noted that there are only eight auditing firms that require annual inspections. "At this time, we are conducting the regular inspections required every year for firms with more than 100 audit clients."

Four firms have withdrawn their applications, and—as reported in our May 11 edition—one firm has been "disapproved." McDonough's speech and related documents are available at right.

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