The Financial Reporting Council (FRC) and the US Public Company Accounting Oversight Board (PCAOB) have extended their cooperation agreement until 31 July 2016.

The partnership between the FRC and the PCAOB encourages collaboration between the two organisations and allows the associations to work together on inspections and exchanges of otherwise confidential information within the global audit market.

A statement by the FRC said the agreement reflects the common objective of seeking improvements to audit quality, protecting investors and promoting efficient capital markets.

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