Now European accounting firms that practice in the United States might as well get the axe if the US Regulators are refused inspection into their working of things. This move is to further strengthen up the governments’ hold on the way of working of things and kill fraud that gravely affects people and economies in general. For once the 2002 Enron Scandal one of the biggest ever saw loses worth millions of dollars to the investors.
The US audit regulator and the Public Company Accounting Oversight Board (PCAOB) have ever since kept a sharp eye on the firms doing regular inspections checking into their accounts and other financial details.
Not all the countries have taken this decision with a humble nod even as many jurisdictions have blocked the PCAOB from doing their routine inspections. The new decision made by the American Regulatory jurisdiction is bound to affect many of the European countries the leading EU nations of Italy, Germany and France no less. But all the many organizations are negotiating terms and conditions, coming to a settlement.
The new tides of change are bound to take place and effect with time. This even as US and the foreign regulators talk things out. The European accounting firms in case of clash with the US regulators may appeal their case. But then again this appeal ought to be convincing enough, lest they be readily given a big no as an answer.
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