EU-US discussion on cooperation in oversight of Audit Firms

06 March 2007

Commissioner McCreevy and PCAOB Chairman Olson and met to discuss steps to enhance cooperation between the PCAOB and European auditor oversight bodies and advance collaborative efforts in 2007. Both agreed to launch roadmap discussions on cooperation between the PCAOB and EU regulators. The goal is to enable the PCAOB and EU auditor regulators that have independent and rigorous oversight systems to move toward full reliance by 2009. Both sides will take stock and review progress in October 2007.

Olson and McCreevy noted that increased cooperation and reliance on the home-country regulator’s work would save resources and reduce regulatory overlap, as well as strengthen global confidence in audited financial statements.

The PCAOB will consider issuing further policy guidance regarding its reliance on non-US regulators. The PCAOB plans to consult with key jurisdictions worldwide, including the European Commission and the EU Member States, as part of developing such potential guidance.

Chairman Olson and Commissioner McCreevy will confer in October 2007 on the progress of the PCAOB’s policy guidance as well as the work on the equivalency and other determinations that are required under the EU’s Statutory Auditor Directive.

PCAOB press release
Commission press release

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