PCAOB & Danish Business Authority Form Cooperative Agreement
To help oversee audit firms bound by regulatory jurisdictions, the Public Company Accounting Oversight Board (“PCAOB”) has announced a cooperative arrangement with the Danish Business Authority (“DBA”). Similar to arrangements with European Union members and other regulators, the PCAOB’s agreement with the DBA provides framework for shared inspections and information exchanges compliant with the Dodd-Frank Act. Due to the reform’s provisions, the PCAOB can share confidential information with non-U.S. counterparts in certain situations. Additionally, a pact concerning data protection is part of this cooperative arrangement.
Since establishing a non-U.S. inspection program in 2004, the PCAOB has performed inspections in 44 jurisdictions outside of the country. To enhance cooperation and information sharing among other regulators, the PCAOB coordinates inspections with local authorities.
The PCAOB-DBA agreement is effective immediately. For the press release on the groups’ cooperative arrangement, click here.
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