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
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.