Writing to the US Public Company Accounting Oversight Board, EC internal market director general Alexander Schaub said: ‘Cooperation between international regulators is essential, but it must be based on mutual respect of each partner’s laws and regulations.’
Schaub said that, in the PCAOB’s draft rules on this issue, the conditions for cooperating with overseas audit authorities and respecting its judgements involved ‘an unacceptably high degree of uncertainty’ about how this would work. He also raised the concern of US interfering in foreign oversight proceedings, saying it was ‘not appropriate’ and that this should be stated in the rules.
The director general called on the US to allow EU oversight of its auditing. ‘We would welcome a clear and unequivocal statement in the rules of its willingness to assist non-US oversight bodies in the oversight of US audit firms in the same way as it demands foreign counterparts be willing to provide assistance to the PCAOB.’
UK senior partner Phil Verity has been elected for a second term at Mazars
An audit partner has been appointed at Grant Thornton in its North West offices
KPMG has been appointed with “immediate” effect as the auditor of Dorcaster
The audit for Ibstock will be taken over by Deloitte following a competitive tender process