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PCAOB strengthens audit oversight in Taiwan

The Public Company Accounting Oversight Board (PCAOB) has strengthened its ties with the Financial Supervisory Commission of Taiwan for the oversight of auditors that practice in both of the regulators’ respective jurisdictions.

Under the Sarbanes-Oxley Act, the PCAOB oversees and periodically inspects all accounting firms that regularly audit companies whose securities trade in US markets. More than 900 audit firms currently registered with the PCAOB are located outside the US, spanning 88 jurisdictions. Currently, 12 registered firms are located in Taiwan.

“Although we have been doing inspections of Taiwan-based audit firms since 2007, this agreement with Taiwan’s FSC is important to strengthening our ties with the FSC so that we may work more closely together,” PCAOB chairman James Doty said.

Under similar agreements, the PCAOB carries out joint inspections with regulators in the Asia and Pacific region, including Australia, Korea and Singapore. Additionally, in coordination with the regulators in Indonesia, Japan, Malaysia, New Zealand, Philippines and Thailand, the PCAOB has regularly been conducting inspections of PCAOB registered firms from those countries.


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