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

Keeping client information safe in an age of scams and security threats

A look at the Dirty Dozen tax scams and ways to protect taxpayer information.

TAX PRACTICE CORNER

More R&D tax help

"Can I use the R&D credit?" PATH Act enhancements make the credit more attractive to a wider range of taxpayers.

QUIZ

Learn to choose between ‘who’ and ‘whom’

Writers can stumble over who and whom (or whoever and whomever). If you write for business, this quiz can help make your copy above reproach.