PCAOB registration for non-US audit firms

Issues relating to registration with, and access to audit working papers by, the PCAOB

The US Public Company Accounting Oversight Board (PCAOB) regulates the audits of companies with securities listed in the United States of America.

Registration

Audit firms outside the US who audit entities with a primary or secondary listing in the US, or a significant subsidiary thereof, will need to register with the PCAOB. This involves completing an initial form, with an annual update and fee. For UK and many other auditors, the initial registration needs to be accompanied by a legal opinion confirming that certain information and consents may not be supplied to the PCAOB. However, this opinion does not need to be updated annually unless there is reason to believe the law has changed

Registration of UK audit firms with the US PCAOB.

Access to audit working papers

National laws differ as to whether the PCAOB can be granted access to audit working papers of non-US audit firms that relate to a US audit. In the UK access (and consent to give access) can be granted under certain circumstances.