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 the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out