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.’
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day