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AUDITING

PCAOB reaches agreement with audit regulator in Denmark

 

By Ken Tysiac
July 21, 2014

The PCAOB and Denmark’s audit regulator have entered into a cooperative arrangement for oversight of audit firms in their respective jurisdictions, the PCAOB announced Friday.

A framework for joint inspections is provided in the agreement with the Danish Business Authority. The agreement allows for the exchange of confidential information and includes data protection provisions.

“This is another step forward in our pursuit of robust international cooperation to help improve audit quality and protect investors,” PCAOB Chairman James Doty said in a news release.

The PCAOB has similar agreements with Sweden, Finland, France, Germany, the Netherlands, Spain, and the United Kingdom. The PCAOB also has agreements with Switzerland, Norway, and several regulators in the Middle East, Asia, and Australia.

Five of the more than 900 PCAOB-registered audit firms outside the United States are located in Denmark. Approximately 2,300 audit firms are registered with the PCAOB.

Ken Tysiac (ktysiac@aicpa.org) is a JofA editorial director.

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