PracticeAuditTop six firms welcome US and UK audit co-operation

Top six firms welcome US and UK audit co-operation

The biggest global firms issue joint statement saying co-operation between the US and UK audit regulators will benefit the profession and global markets

THE HEADS of the six biggest global firms have welcomed the co-operative agreement between US and UK audit regulators.

International chiefs of PwC, Deloitte, Ernst & Young, KPMG, BDO and Grant Thornton, have produced a joint statement in which they say the agreement between the watchdogs will aid market confidence in the auditors’ work.

Yesterday the US Public Company Accounting Oversight Board (PCAOB) and Professional Oversight Board (POB) in the UK agreed that they will co-operate in regulating audit firms.

The firms’ joint statement said: “The global nature of corporate activity demands that audit regulators share information and cooperate across borders. Therefore, we are encouraged by today’s announcement of the cooperative agreement between the US PCAOB and POB in the United Kingdom.

“We are pleased it will enable audit firm inspections to move forward and hope it will be followed by similar arrangements among other regulators which we encourage and support.

“Such cooperation benefits not only the regulators and registered audit firms but also investors, whose investments today increasingly cross borders.”

The joint statement was signed by Jim Turley, chairman and CEO of Ernst & Young; Dennis Nally, chairman of PricewaterhouseCoopers International; Timothy Flynn, chairman of KPMG International; Ed Nusbaum, CEO of Grant Thornton International; Jim Quigley, CEO, Deloitte Touche Tohmatsu Limited; and Jeremy Newman, CEO of BDO.

 

Related Articles

The future of the audit industry: From masses of data, to meaning

Audit The future of the audit industry: From masses of data, to meaning

12m Acccountancy Age
Deloitte scoops GSK 'mega audit' from PwC

Audit Deloitte scoops GSK 'mega audit' from PwC

12m Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
BDO appointed new auditor of Game Digital as Deloitte ditched

Audit BDO appointed new auditor of Game Digital as Deloitte ditched

1y Stephanie Wix, Writer
BDO's 'agility' makes it well placed to succeed - Eagland

Accounting Firms BDO's 'agility' makes it well placed to succeed - Eagland

1y Kevin Reed, Writer
Friday Afternoon Live: Accountants in government; audit market concentration; Top 40 Networks

Audit Friday Afternoon Live: Accountants in government; audit market concentration; Top 40 Networks

1y Kevin Reed, Writer
The impact of Brexit on EU audit reform

Audit The impact of Brexit on EU audit reform

1y Richard Crump, Writer
Audit Reform: The Conflict Minefield

Audit Audit Reform: The Conflict Minefield

1y James Roberts, BDO