German and US regulators enter into a cooperative agreement
The German Auditor Oversight Commission (AOC) and the Public Company Accounting Oversight Board of the United States (PCAOB) have entered a cooperative agreement.
The Statement of Protocol (SoP) agreement allows the exchange of confidential information of firms performing in both jurisdictions. This agreement should enhances the supervisory oversight, inspections and investigations of those firms. The SoP is effective immediately.
The two regulators have also signed a data protection agreement. This agreement will ensure that national data protection requirements are performed during any transfer of information.