PCAOB Chairman, EU Commissioner discuss auditor oversight
Mar 07, 2007
Mark Olson, Chairman of the US Public Company Accounting Oversight Board, and Charlie McCreevy, EU Commissioner for Internal Market and Services, met on 6 March 2007 to discuss steps to enhance cooperation between the PCAOB and European auditor oversight bodies and advance collaborative efforts in 2007. Chairman Olson and Commissioner McCreevy agreed to launch "roadmap discussions on cooperation between the PCAOB and EU regulators".
Currently, there are over 760 non-US firms from 83 countries registered with the PCAOB, including approximately 265 firms located in the European Union, some portion of which will be subject to inspection. Once registered with the PCAOB, non-US firms meeting certain criteria are subject to the inspection requirements of the Sarbanes-Oxley Act. Similarly, under the European Union's new Directive on Statutory Auditors, certain non-European audit firms will be required to be inspected by European regulators unless their home-country system is considered to be equivalent to the public oversight requirements set forth in the Directive