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FEE President David Devlin reacted to the PCAOB statement, saying that: 'FEE, the representative body of the European accounting profession, welcomes the intention of the PCAOB to rely on home country oversight of auditors to the maximum extent possible.
In its press release the PCAOB stated that the “it is in the public interest, and the interest of investors and the Board's non-U.S. counterparts, to develop an efficient and effective cooperative arrangement where reliance may be placed on the home country system to the maximum extent possible. “
“The PCAOB is willing to work with its non-U.S. counterpart with regard to the oversight of U.S. accounting firms that audit or play a substantial role in the audit of public companies in that non-U.S. jurisdiction.”
FEE press release
PCAOB press release and briefing paper