US and Israeli watchdogs to exchange audit information
US regulator has secured an agreement to exchange confidential audit information with its Israeli counterpart
THE EXCHANGE of confidential audit-related information between Israel and the US has been made possible, after the Public Company Accounting Oversight Board (PCAOB) signed a cooperative agreement with its Israeli counterpart.
PCAOB chairman James R Doty (pictured), said: “With the significant presence of Israeli companies on US exchanges, this agreement with the Israel Securities Authority will better protect US investors.
“It is an important achievement in expanding our cooperative agreements into the Middle East and I hope that other regulators elsewhere will soon follow.”
The PCAOB has had permission to inspect US-listed companies in Israel since 2005, but the new agreement means the regulators can share confidential information about businesses in both jurisdictions.