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PCAOB Adopts Withdrawal, Adjudication Rules

The PCAOB adopted final rules concerning investigations and adjudications and with firm withdrawals from registration. The rules will now be submitted to the SEC, as rules proposed and adopted by the board are not effective until approved by the Commission.

With regard to withdrawals, a registered firm could seek to withdraw at any time by filing Form 1-WD with the board. The board could order that withdrawal be delayed if appropriate if a relevant inspection, investigation or disciplinary proceeding was pending.

The PCAOB also adopted rules concerning investigations and adjudications of registered public accounting firms and associated persons. The rules would govern investigations and hearings in disciplinary proceedings pursuant to Section 105 of the Sarbanes-Oxley Act and hearings on registration applications pursuant to Section 102 of the act.

¨ PCAOB Release No. 2003-015 (PCAOB) is reported at ¶86,969 and PCAOB Release No. 2003- 016 (PCAOB) is reported at ¶86,970 .