UK and US regulators have signed an
information sharing agreement aimed at improving the level of
cooperation in oversight and inspection of audit firms.
The Statement of Protocol between the UK
Professional Oversight Board (POB) and the US Public Company
Accounting Oversight Board (PCAOB) is a statutory requirement
necessary to facilitate effective cooperation between the two
organisations and a way to enable joint work on inspections,
including exchange of information and interviewing firm
personnel.
POB chair Barbara Mills said the agreement will
improve access to information, for example relating to US audit
firms registered in the UK and UK firms registered in the US,
thereby helping discharge responsibilities. “This will both
strengthen and streamline the process of audit market inspections,
increasing the efficiency and effectiveness of the oversight
regime,” Mills said.
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