2. (20 pts) In order for their securities to be traded in U.S. capital markets, public companies, whether located in the United States or abroad, must comply with certain U.S. legal requirements, including the requirement to periodically file audited financial statements with the U.S. Securities and Exchange Commission (SEC). As required by the Sarbanes-Oxley Act of 2002, the auditor of those financial statements - whether a U.S. auditor or a non-U.S. auditor- must be registered with, and therefore subject to the jurisdiction of, the PCAOB. This includes undergoing regular PCAOB inspections to assess the auditor's compliance with U.S. law and professional standards in connection with its audits of "issuers," as defined in the Sarbanes Oxley Act. Non-U.S. registered firms are subject to PCAOB inspections and enforcement in the same manner as U.S. firms. For inspections, the PCAOB adopted a cooperative framework that allows the PCAOB to rely, to a degree deemed appropriate, on work performed by home-country regulators. Reliance by the PCAOB is based on a sliding scale: the more independent and rigorous a home-country system of oversight, the more the PCAOB may rely upon it. A list of the PCAOB cooperative agreements with non-U.S. regulators is found on the link below. https://pcaobus.org/International/Pages/RegulatoryCooperation.aspx s' international audit Explain the importance of PCAOB inspections of registered firm work. a