WASHINGTON, Oct. 17, 2016
The Public Company Accounting Oversight Board today announced a cooperative agreement with the Finnish Patent and Registration Office (PRH), effective immediately.
The agreement announced today allows for cooperation between the PCAOB and the PRH in the oversight of audit firms subject to the regulatory jurisdictions of both regulators.
In 2013, the PCAOB entered into a cooperative agreement with the predecessor to the PRH, the Auditing Board of the Central Chamber of Commerce of Finland (AB3C). In January 2016, the AB3C was replaced by the PRH as the independent audit regulator in Finland.
"We welcome the opportunity to continue our cooperative relationship with our regulatory counterparts in Finland," said PCAOB Chairman James R. Doty. "Cross-border collaboration between the PCAOB and European audit regulators is essential to global investor protection."
The agreement with the PRH provides a framework for joint inspections and allows for the exchange of confidential information in accordance with applicable Finnish law and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 in the United States. An agreement on data protection also is part of the cooperative arrangement with the PRH. These agreements are consistent with the prior agreements between the PCAOB and the AB3C.
"The PCAOB has maintained a strong working relationship with the Finnish audit regulator, and this agreement will allow for continued cooperation in an important market," said Bruce Wilson, PCAOB Director of International Affairs.
The PCAOB oversees and inspects all accounting firms that regularly audit public companies whose securities trade in U.S. markets. Approximately 900 audit firms currently registered with the PCAOB are located outside the United States in 89 jurisdictions. Currently, five registered firms are located in Finland.