On December 5, 2007, the PCAOB issued for public comment a proposed policy statement, Guidance Regarding Implementation of PCAOB Rule 4012.  The comment period closed on March 4, 2008.  The proposal and the comment letters received are available on the PCAOB’s Web site at www.pcaobus.org.   

The proposed policy statement articulates essential criteria that, if met, would permit the board to place full reliance on the inspections work of qualified non-U.S. auditor oversight entities under existing PCAOB Rule 4012.  The roundtable will explore the advantages and disadvantages of the proposal, as well as specific issues raised in the comment letters on the proposal. 

Chairman Mark W. Olson stated that "the board's inspections program has always sought to ensure that investors in U.S. public companies receive the highest level of protection no matter where the auditors are located."

The roundtable is scheduled for 2 p.m. to 5 p.m. at the Army-Navy Club, 901 17th Street NW, Washington, D.C. The roundtable discussions also will be available via Webcast on the board's Web site.