PCAOB to conduct joint audit inspections with Spain’s regulator

BY KEN TYSIAC

The PCAOB, which has been working to establish international partnerships for the purposes of conducting joint audit inspections, has entered a cooperative arrangement with the Accounting and Auditing Institute of Spain.

The partnership will allow joint inspections in the oversight of audit firms subject to the jurisdictions of both regulators. Joint inspections will commence this year, as the agreement takes effect immediately.

The PCAOB previously established cooperative arrangements with regulators in three other European Union member states—the United Kingdom, the Netherlands and Germany—in addition to Switzerland and Norway. Several non-European regulators in North America, the Middle East, Asia, and Australia also cooperate with the PCAOB.

“The Spanish ICAC is a leader in bilateral and multinational efforts to improve effective cross-border supervision of auditors and audit quality,” PCAOB Director of International Affairs Bruce Wilson said in a statement. “We are pleased to work closely with them for the benefit of investors.”

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

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.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

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.