McDonough clarifies PCAOB mission brief to US Congress

WASHINGTON, DC - With final rulings on inspection of US public accounting firms imminent and reviews of registration applications underway, the Public Company Accounting Oversight Board (PCAOB) has begun the process of enforcing accounting mandates of the Sarbanes-Oxley Act.

At a September 17 hearing before the House Financial Services Committee, PCAOB chairman William McDonough noted that all US accounting firms preparing or issuing audit reports on public companies must register with the board by October 22. "Registration is critical to the board’s regulatory oversight of public accounting firms," McDonough testified. "As a legal matter, registration is the predicate for the board’s other oversight programmes: compliance with auditing and related professional

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