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UK and US regulators agree to continue arrangements for cooperation on cross-border supervision of audit firms

PN 083
22 Aug 2013


The Financial Reporting Council (FRC) and the Public Company Accounting Oversight Board of the United States (PCAOB) have agreed to continue their cooperation agreement.  This follows recent European Commission Decisions that allow such agreements until 31 July 2016.

The Statement of Protocol between the FRC and the PCAOB facilitates effective cooperation between the two organisations and allows for joint work on inspections and exchanges of otherwise confidential information against the background of an audit market that is increasingly global in nature. The agreement reflects the common objective of seeking improvements to audit quality, protecting investors and promoting efficient capital markets.

Paul George, Executive Director of the Conduct Committee and a co-signatory of the Statement of Protocol, said:
“The FRC and the PCAOB have developed an excellent working relationship in recent years, which has provided the basis for increasing confidence in one another’s regulation of major audit firms.”
 
Notes to editors:

  1. The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.  We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work.  We represent UK interests in international standard-setting.  We also monitor and take action to promote the quality of corporate reporting and auditing.  We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
     
  2. All Press enquiries should be directed to: Sophie Broom, Communications Executive, on telephone: 020 7492 2395/ 07771 808464 or email: s.broom@frc.org.uk
 
 


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