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December 5, 2011

PCAOB to conduct joint inspections in Netherlands

The Public Company Accounting Oversight Board (PCAOB) and the Netherlands Authority for the Financial Markets (AFM) entered into an agreement for joint inspections that will be officially sealed in January.

The arrangement includes exchange of confidential information between the two oversight bodies consistent with provisions of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

However, it does not allow the PCAOB to share confidential information with its non-US counterparts.

 The PCAOB has already signed agreements with Switzerland and Norway, as well as with regulators in North America, the Middle East and Asia.

There are currently more than 900 audit firms outside the US registered with PCAOB, 15 of which are in the Netherlands.

“The agreement with the Netherlands is a key step forward in our effort to ensure effective cross-border audit oversight. We are pleased that we have been able to overcome obstacles to conducting inspections in certain European Union Member States, first with the United Kingdom and now with the Netherlands,” PCAOB chairman James Doty said.

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