EU promises payback for PCAOB registration.

Despite foreign accounting firms being given a six-month extension to register with the PCAOB, the European Union Commission promised reciprocity registration for U.S. firms unless the SEC voids the PCAOB mandate, according to a WebCPA article.

According to PCAOB registration rules, U.S. firms who audit SEC clients must register with the board by Oct. 22. Foreign firms with clients whose stock is traded on U.S. exchanges or prepare audit reports on U.S. companies, will be given until April 19, 2004.

The EU maintains that registering both internationally and with the PCAOB would result in higher costs.

This news item ran in the Ohio e-CPA Weekly on May 26, 2003.