The US Public Company Accounting Oversight Board (PCAOB) has signed an agreement with the French High Council for Statutory Auditors (H3C) and the Auditing Board of the Central Chamber of Commerce (AB3C) of Finland providing a framework for joint inspections and confidential information exchange.
PCAOB chairman James Doty described France as an "important partner in Europe" because the country is home to a number of companies that have a significant impact on US and global markets. There are currently 25 audit firms registered with the PCAOB located in France.
"This agreement with the H3C is yet another step forward in our continuous effort to strengthen investor protection across borders," Doty added.
The agreement with the AB3C also includes data protection. Both the French and Finnish agreements take effect immediately.
The PCOAB has reached similar agreements with other European Union member states including, UK, Germany, the Netherlands and Spain in the past. Additionally, the PCAOB has agreements in Switzerland and Norway, and with several non-European regulators in North America, the Middle East, Asia, and Australia.
The Public Company Accounting Oversight Board
The French High Council for Statutory Auditors
The Auditing Board of the Central Chamber of Commerce of Finland