Regulatory Update
Washington, DC -- European and Asian accounting regulators blasted proposals from the US Public Company Accounting Oversight Board (PCAOB) for the implementation of a home-host framework for international accounting regulatory co-operation, according to comments filed with the PCAOB on the oversight of non-US accounting firms.
The PCAOB suggested the framework in the wake of US and foreign accounting scandals. "One need only look at the news headlines regarding companies like Parmalat, Ahold and Lenout & Hauspie to appreciate the importance to US investors and financial institutions of reliable financial reporting and audit reports on non-US companies," said Daniel Goelzer, a PCAOB board member, at a mid-February
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