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.
