PCAOB to work with German regulator in oversight of audit firms

The agreement allows cooperation to continue.

The PCAOB and the German Auditor Oversight Body (AOB) will cooperate in oversight of audit firms subject to the regulatory jurisdictions of both regulators under a new agreement.

In June, the AOB replaced the German Auditor Oversight Commission as the independent audit regulator in Germany. The PCAOB had operated under a cooperative agreement with the German Auditor Oversight Commission since 2012, so the new agreement paves the way for continued cooperation with the new audit oversight body.

The agreement with the AOB provides a framework for joint inspections and allows confidential information to be exchanged in accordance with German laws and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, P.L. 111-203.

A data protection protocol also is part of the new agreement, which is consistent with the previous agreement with the German Auditor Oversight Commission. Thirty-nine of the more than 900 non-U.S. audit firms registered with the PCAOB are located in Germany.

SPONSORED REPORT

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

QUIZ

News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.