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

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out