The Public Company Accounting Oversight Board (PCAOB) has signed an agreement with the Dubai Financial Services Authority (DFSA) to cooperate sharing confidential information during inspections of auditors in the regulators’ respective jurisdictions.
The PCAOB already conducts inspections in Dubai but the agreement now authorises the exchange of confidential information, consistent with the provisions of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
“We are pleased to have concluded these arrangements with the DFSA,” PCAOB Director of International Affairs Rhonda Schnare said.
“The PCAOB has long considered the DFSA’s approach to cross-border regulation to be a model of cooperation, which furthers the goal of protecting investors,” Schnare added.
More than 900 audit firms currently registered with the PCAOB are located outside the US, across 88 jurisdictions. There are eight registered firms located in Dubai.