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PCAOB strikes inspection deal with Swiss

The US Public Company Accounting Oversight Board (PCAOB) has entered an agreement with Swiss authorities that will allow it to commence joint inspections of Swiss firms that audit or take part in the audits of companies listed in the US.

The statement of protocol with the Swiss Federal Audit Oversight Authority and Financial Market Supervisory Authority includes provisions that govern the sharing of confidential information. This follows the passage Dodd–Frank Wall Street Reform and Consumer Protection Act, which amended the Sarbanes-Oxley Act that allows the PCAOB to share information with certain non-US counterparts.

More than 900 audit firms currently registered with the PCAOB are located outside of the US and eight of these firms reside in Switzerland.

“Switzerland is home to a number of companies that have a significant impact upon US and global capital markets,” PCAOB chairman James Doty said.

“We look forward to working cooperatively with our Swiss colleagues to meet our shared objective to protect investors.”

In January, the PCAOB sealed an agreement with the UK Professional Oversight Body that opens the door for the PCAOB to inspect UK based firms for the first time since 2008. 

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