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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