SEC Issues Rule for PCAOB Dispute Process

On September 7, a new Securities and Exchange Commission rule will enable accounting firms to take part in a formal appeals process to dispute the Public Company Accounting Oversight Board’s findings. When an accounting firm appeals to the SEC, the PCAOB can no longer make the disputed items public. After the review process, which typically takes between one and three months, the SEC may opt to shield the information permanently if it finds that the PCAOB’s findings were arbitrary.