U.S., U.K. audit regulators to continue cross-border cooperation

BY KEN TYSIAC

Audit regulators in the United States and the U.K. agreed to continue cooperating on cross-border supervision of audit firms, the U.K. Financial Reporting Council (FRC) announced Thursday.

The agreement between the FRC and the PCAOB does not contain an expiration date, but follows recent European Commission decisions that allow such agreements until July 31, 2016.

The agreement allows for joint work on inspections and exchanges of otherwise confidential information.

“The FRC and the PCAOB have developed an excellent working relationship in recent years, which has provided the basis for increasing confidence in one another’s regulation of major audit firms,” Paul George, executive director of the FRC’s Conduct Committee, said in a statement.

A data protection agreement signed by both parties describes the limitations on data that can be made available to the PCAOB, and the PCAOB’s responsibilities for protecting data from the U.K.

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

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

News quiz: Senate health care bill in the spotlight

Reports related to the Republican bill to repeal many provisions of the PPACA, other tax issues, and the giant AICPA ENGAGE Conference offered a diverse reading list for June. See how much you know about recent news with this short quiz.