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S Korea FSC, US Accounting Body Agree On Joint Watch On Accounting Cos

Posted By claudia On 20th March 2007 @ 16:59 In SEC, SOX, Asia, Accounting rules | No Comments

South Korea’s Financial Supervisory Commission, or FSC, said Tuesday it has signed a pact with a U.S. accounting body for joint inspection and investigation of Korean accounting firms that audit local companies listed on the U.S. bourses.

The agreement with the Public Company Accounting Oversight Board, or PCAOB, was spurred by the Sarbanes-Oxley Act in the U.S., which requires all accounting firms auditing corporations publicly traded in U.S. markets to register with the board and to undergo its inspections regularly, according to a statement by the FSC.

[1] Morningstar.com: S Korea FSC, US Accounting Body Agree On Joint Watch On Accounting Cos

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[1] Morningstar.com: S Korea FSC, US Accounting Body Agree On Joint Watch On Accounting Cos: http://news.morningstar.com/news/ViewNews.asp?article=/DJ/200703200013DOWJONESDJ
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