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The US Public Company Accounting Oversight Board has published its Annual Report for 2006. The report emphasises the PCAOB's efforts to co-ordinate its work with auditor oversight bodies in other countries
The Board has made it a priority to enhance the PCAOB's coordination with our international counterparts and expand the PCAOB's role in efforts to improve auditor oversight and auditing practices worldwide”, Mark Olson, chairman of the PCAOB says. “During 2006, the PCAOB expanded its participation in cross-border information-sharing and coordination with audit regulators. I am confident that the PCAOB can work with other audit oversight bodies on a multilateral and bilateral basis to minimize the burdens of duplicative or contradictory regulation at the same time that we fulfill our important statutory obligations to investors and the public.
During 2006, the Board continued to expand its activities in the international arena. The PCAOB held discussions regarding cooperation with approximately 20 countries worldwide, thereby facilitating the Board's inspection work in Canada, Asia, Latin America, and the European Union and setting the groundwork for 2007 inspections elsewhere, Bill Gradison, Board Member of the PCAOB, states. The Board expects that these discussions and inspections will continue to expand in 2007 as the PCAOB works with non-US regulatory bodies to coordinate resources, reduce unnecessary regulatory burdens, and promote strong and constructive auditor oversight in order to better protect US investors and investors worldwide.