Spanish and US regulators enter into cooperative agreement
Jul 19, 2012
The Accounting and Auditing Institute (Instituto de Contabilidad y Auditoría de Cuentas (ICAC)) of Spain and the Public Company Accounting Oversight Board of the United States (PCAOB) have entered a cooperative agreement on the oversight of audit firms subject to the regulatory jurisdictions of both regulators.
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.
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