The Public Company Accounting Oversight Board (PCAOB) struck an agreement with the Irish Auditing and Accounting Supervisory Authority that fosters cooperation between the two organizations in oversight of firms in both jurisdictions.
“I am pleased that we have reached this agreement with the IAASA, which will allow the PCAOB to conduct joint inspections and other coordinated oversight,” PCAOB Chairman James Doty said. “The agreement reflects our common interest in enhancing investor protection in our respective markets through rigorous audit oversight.”
The PCAOB has similar agreements with most European countries. The PCAOB now has executed cooperative agreements with 15 European audit regulators.
The deal with Ireland allows for the exchange of confidential information in accordance with Sarbanes-Oxley Act and Irish law. It also gives a framework for joint inspections.
“Ireland is a very important jurisdiction for global investors, especially as more multinational companies set up operations there,” Bruce Wilson, the director of international affairs at PCAOB, said. “There are now only a very few cooperative agreements still under negotiation in Europe.”
The PCAOB inspects all accounting firms that regularly audit public companies whose securities trade in U.S. markets. Approximately 900 audit firms registered with the PCAOB are located outside the United States in 84 countries. Currently, 12 registered firms are based in Ireland.