In his address at the business breakfast on 'Accountability in the Age of Global Markets' organised by European Policy Centre gave an optimistic view on the future cooperation with the United States on Auditing and Accounting issues. The EU has worked hard to ‘try to find a constructive, cooperative way forward’ the Commissioner said, and thanked M McDonough and his team for having tried hard, within the confines of the SOA, to accommodate the EU’s concerns.
“We are now expecting a PCAOB rule change in the near future on the procedures the PCAOB will follow with third countries” M Bolkestein said. “In substance our European approach to the regulation of the audit profession and that of the PCAOB are now quite convergent”.
“The potential for conflicts remains of course. But we have both worked out cooperative mechanisms to try to minimize this. Primarily by encouraging reciprocal regulator to regulator relationships across the Atlantic with the regulators being the first port of call for information, documents etc. “
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