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Characteristics of PCAOB Investigations

By Michael MacPhail, Esq.

          Six years after the passage of Sarbanes-Oxley, the PCAOB is ramping up the number of investigations and enforcement actions against audit firms and individual CPAs.   Lawyers defending clients in PCAOB investigations therefore must learn about the PCAOB?s processes and procedures.   PCAOB investigations share many characteristics with SEC investigations.  This is not surprising, since most of the PCAOB Enforcement staff members are SEC ?alumni.?   Like the SEC, the PCAOB issues formal orders of investigation that authorize its staff to issue subpoenas compelling the production of documents and the testimony witnesses.  Unlike the SEC, however, the PCAOB cannot issue subpoenas to third parties who are not registered accounting firms or associated persons of such firms...continue to full post

Full post as published by NASD, SEC and Regulatory Defense Blog on January 28, 2009 (boomark / email).