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May 23, 2012

The PCAOB rejects BDO Switzerland registration

The PCAOB has rejected BDO Switzerland’s request to register with it following a violation by the firm of the Sarbanes-Oxley Act (SOX).

The oversight body said the Swiss firm was not registered with it when auditing a number of firms between 2009 and 2010, which violated section 102 of SOX and as a result the firm has also paid a settlement, which has been accepted.

PCAOB said BDOs violations resulted from the firm’s failure to exercise the degree of care that the board would expect of a public accounting firm under the circumstances.

BDO will be allowed to resubmit registration after February 19 2013 but the PCAOB said it “will not issue a notice of hearing to determine whether to approve or disapprove such application based solely on the violations that are the subject of the findings contained in this order”.

 

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