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October 31, 2011

PCAOB to share information with Israel

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 East. 

“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.

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