The European Commission is trying to temper the zeal of the US government's bid to oversee non-US audit firms, calling for a lighter touch with more respect for European Union laws and mutual assistance for the monitoring of US audit firms.
Link: Parmalat harms PCAOB relations
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.’
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