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

"We need to talk."

Start a conversation with your clients using these questions and checklist for post busy-season business development.

NEWS

Revenue recognition revisited

A reexamination of new revenue recognition rules has led to tinkering with the standard that is considered the biggest achievement of the convergence efforts of FASB and the International Accounting Standards Board.

INTERVIEW

Staying focused at the top

Olivia Kirtley, CPA, CGMA, an accomplished corporate director with almost 20 years of experience serving on boards, talks about strategic, risk, and compliance issues that keep board members up at night.