PCAOB, Norway Reach Accord on Auditor Inspections

The PCAOB on Wednesday said it entered into a cooperative agreement with the Financial Supervisory Authority (FSA) of Norway for the oversight of audit work performed by public accounting firms that practice in the two regulators’ respective jurisdictions.

The PCAOB had been blocked from inspections in Norway since 2008, the last year it conducted a joint inspection with the FSA.

“With this agreement, Norway’s FSA and the PCAOB are joining forces to improve audit quality and protect investors,” said PCAOB Chairman James Doty in a news release. “I am pleased that the PCAOB is continuing to make progress in overcoming the obstacles that have in the past prevented PCAOB inspections in Europe.”

The agreement provides a basis for the resumption of joint inspections of PCAOB-registered accounting firms that are located in Norway and that audit, or participate in audits of, companies whose securities trade in U.S. markets. The agreement also includes provisions governing the exchange of confidential information between the oversight authorities, consistent with the provisions of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. Dodd-Frank amended the Sarbanes-Oxley Act of 2002 (SOX) to permit the PCAOB to share confidential information with its non-U.S. counterparts under certain circumstances.

SOX directed the PCAOB to oversee and periodically inspect all accounting firms that regularly audit companies whose securities trade in U.S. markets. More than 900 audit firms registered with the PCAOB are outside the United States, spanning 84 countries. Five registered firms are in Norway.

More from the JofA:

 Find us on Facebook  |   Follow us on Twitter  |   View JofA videos


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.