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May 23, 2010

Goelzer discusses challenges facing PCAOB

Public Company Accounting Oversight Boards (PCAOB) acting chairman Daniel Goelzer has said the PCAOB plans to enhance its focus on quality control.

Speaking before a US House of Representatives capital markets committee, Goelzer said quality control must be enhanced for large firms that participate in global network as well as on audit work performed by non-US firms on subsidiaries of multi-national audit clients.

The focus on quality control of non-US firms is linked to one of the main challenges facing the PCAOB at present.

The PCAOB regulates about 250 non-US firms and has to date inspected 173, Goelzer explained.

However, the PCAOB cannot conduct inspections in the European Union, Switzerland or China, due to legal obstacles the PCAOB is trying to resolve.

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