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August 19, 2015

News briefs: PCAOB cross-border agreement, PCC appointments

PCAOB signs cross-border cooperation agreement in Greece

The Public Company Accounting Oversight Board (PCAOB) and Greece’s audit regulator, the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB), have signed an agreement to allow the joint inspection of Greek PCAOB-registered audit firms.

The scope of the cooperation agreement works both ways with regard to the oversight of audit firms subject to the regulatory jurisdictions of HAASOB.

"Where possible, the Board seeks to coordinate its inspections with the local authorities to enhance cooperation and the sharing of information," PCAOB said in a statement.

The inspection program for non-US audit firms was launched in 2004 and since then the PCAOB has conducted 45 in foreign jurisdictions.

Out of the total 2,300 PCAOB-registered audit firms, in excess of 900 belong to a non-US jurisdiction and six of them are located in Greece.

The PCAOB has previously signed cooperation agreements with the regulators of the following European countries: Denmark, Hungary, Sweden, Finland, France, Germany, the Netherlands, Spain, the United Kingdom, Switzerland and Norway.

PCC appointments

Candace Wright has been appointed chair of the US Private Company Council (PCC), a body set up in 2012 by the Financial Accounting Foundation (FAF) to improve standard-setting accounting for private companies.

Wright, director a Louisiana-based accounting firm, takes over the role from Billy Atkinson. Three new members (Timothy Curt, David Lomax and Harold Monk) have also joined the PCC replacing Mark Ellis, Neville Grusd, and Diane Rubin.

The tenures of other six PCC members were extended, three of them (George Beckwith, Thomas Groskopf and Carleton Olmanson) until 31 December 2016.

The other three (Steven Brown, Jeffery Bryan and Lawrence Weinstock) will remain PCC members until 31 December 2017.

 

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