US audit watchdog snuggles up to Japan

US AUDIT WATCHDOG the PCAOB has secured agreement for shared auditor oversight with the Japan Financial Services Agency and Certified Public Accountants and Auditing Oversight Board of Japan.

Chairman James R Doty said: “This exchange of letters with our Japanese counterparts confirms our mutual commitment to cooperation on cross-border audit oversight which I believe is critical to the improvement of audit quality given the globalised nature of the capital markets,”

Japan is the latest Asian country to forge closer ties with the US watchdog, and the accord comes shortly after Norway agreed to allow joint inspections.

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