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”.