EU Commissioner discusses Transatlantic cooperation

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28 Mar 2007

At a conference in Dublin earlier this week, Charlie McCreevy, the European Commissioner for Internal Market and Services, spoke about The Future of the Transatlantic Capital Market – Regulation, Risk, Governance. He commented on several accounting and auditing issues.

Click for Commissioner McCreevy's Remarks  (PDF 95k). Excerpts:

We have cooperation on accounting standards, with work on convergence ongoing and a roadmap towards abolishing reconciliation requirements on both sides of the Atlantic by the end of 2008. I am confident that we and the US will meet our joint deadline....

On my recent visit to the US, PCAOB Chairman Olson and I announced that we would launch roadmap discussions on equivalence of each other's audit oversight bodies, to build on what has been achieved in accounting. Our goal is that, by 2009, we will have a system in place based on mutual trust, in which each jurisdiction will be able to rely on the independent and rigorous inspections of audit firms active on their territory by their home country public oversight authority.

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