The Public Company Accounting Oversight Board
(PCAOB) has signed an agreement with the Dubai Financial Services
Authority (DFSA) to cooperate sharing confidential information
during inspections of auditors in the regulators’ respective
jurisdictions.
The PCAOB already conducts inspections in
Dubai but the agreement now authorises the exchange of confidential
information, consistent with the provisions of the 2010 Dodd-Frank
Wall Street Reform and Consumer Protection Act.
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“We are pleased to have concluded these
arrangements with the DFSA,” PCAOB Director of International
Affairs Rhonda Schnare said.
“The PCAOB has long considered the DFSA’s
approach to cross-border regulation to be a model of cooperation,
which furthers the goal of protecting investors,” Schnare
added.
More than 900 audit firms currently registered
with the PCAOB are located outside the US, across 88 jurisdictions.
There are eight registered firms located in Dubai.
