At a recent speech at the inaugural Baker & McKenzie International Law Lecture Series at Georgetown University, former SEC general counsel and current PCAOB member Daniel Goelzer outlined the Board's "sliding scale" approach to working with international regulatory bodies to oversee foreign accounting firms.

The PCAOB doesn't exempt foreign firms from registering, but it does give them extra time to do so.

Goelzer

According to Goelzer, the Board adopted a rule that ostensibly incorporates non-U.S. privacy and confidentiality laws, which was a key issue for foreign firms.

In addition, the Board would rely on foreign regulators for inspections and investigations based on a sliding scale that "takes into account the similarities and differences between the foreign regulator and the Board."

The complete text of Goelzer's speech is available below:

Download Text Of Goelzer Speech On Oversight Of Foreign Auditors

Topics