The Public Company Accounting Oversight Board (PCAOB) renewed its cooperative agreement with the Haut Conseil du Commissariat aux Comptes (H3C) of France.
Translated into English, the H3C is the High Council of the Office of the Auditors – which regulates the auditing profession in France. This agreement allows for cooperation between the two organizations in the oversight of audit firms subject to the jurisdiction of both regulators. The cooperative agreement was first established in 2013 and was renewed again in 2016, but it expired in 2019.
“This agreement marks another milestone in our longstanding and constructive relationship with the H3C,” PCAOB Chairman William Duhnke said. “Our two organizations share a strong commitment to international cooperation as a means to enhance audit quality and strengthen investor protections.”
The renewed agreement allows for the exchange of confidential information in accordance with applicable French law and the Sarbanes-Oxley Act in the United States. The two organizations also struck an agreement addressing transfers of personal data to the PCAOB.
The PCAOB is charged with overseeing and inspecting all accounting firms that audit U.S. public companies and brokers and dealers. Currently, approximately 850 firms located outside the U.S. are registered with the PCAOB. The PCAOB works collaboratively with audit regulators in foreign jurisdictions and benefits from cooperation with its international counterparts.