The US Public Company Accounting Oversight
Board (PCAOB) has entered into a co-operative agreement for the
exchange of confidential information with the Israel Securities
Authority (ISA) in order to enhance oversight of auditors and
accounting in the two jurisdictions.
PCAOB chairman James Doty said the arrangement
is the first of its kind with a regulator from the Middle
“With the significant presence of Israeli
companies on US exchanges, this agreement with the ISA will better
protect US investors. It is an important achievement in expanding
our co-operative agreements into the Middle East, and I hope that
other regulators elsewhere will soon follow,” he said.
The agreement was enabled by the Dodd-Frank
Wall Street Reform and Consumer Protection Act, which permits the
PCAOB to share confidential information with its non-US
counterparts under certain circumstances.