On June 18, 2010, the PCAOB issued Staff Questions and Answers regarding the requirements to file with the PCAOB Annual Reports on Form 2. Information to be reported annually includes, among other things, information about audit reports issued, disciplinary histories of new personnel, and certain information about fees billed to issuer audit clients for various categories of services. PCAOB rules on annual reporting became effective on December 31, 2009, and therefore all firms registered with the PCAOB on March 31, 2010, were required to have filed an annual report on Form 2 by June 30, 2010.
The guidance addresses general requirements relating to Annual Reporting on Form 2, information required to be reported on Form 2, amending a previously filed Form 2, requesting confidential treatment, withholding information on the basis of non-U.S. legal restrictions, and the mechanics of reporting through the PCAOB Web-based system.
The PCAOB will make each firm’s annual report on Form 2 available to the public promptly upon filing at https://rasr.pcaobus.org/Search/Search.aspx. This also applies to registration forms filed on Form 1 and special reports filed on Form 3. The search tool provides various ways to search the database. For example, there is a search field that allows the user to search “annual reports indicating that the firm played a substantial role in the audit of a specific issuer.” The user can also search firms by name and/or by headquarters.