PCAOB Establishes Cooperative Agreement with Irish Regulators

By:
Chris Gaetano
Published Date:
Nov 3, 2017
Ireland

The Public Company Accounting Oversight Board (PCAOB) has announced a new cooperative agreement with the Republic of Ireland's auditing regulators which will allow the two bodies to conduct joint inspections on companies that are within both jurisdictions. It also allows for the sharing of confidential information between the two regulators. Bruce Wilson, PCAOB Director of International Affairs, noted that Ireland is an important jurisdiction for global investors, as more and more multinational companies have opted to set up there. PCAOB-registered firms in Ireland currently audit issuers listed on U.S. exchanges with a collective market capitalization of about $75 billion.

"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," said PCAOB Chairman James R. Doty. "The agreement reflects our common interest in enhancing investor protection in our respective markets through rigorous audit oversight."

Wilson, who has helped see through a dozen similar cooperative agreements, also announced yesterday that he is going to retire after five years with the PCAOB, though has agreed to continue in an advisory capacity for the near future in order to ensure a smooth transition and complete certain negotiations nearing completion. He will be replaced by George Botic, who currently serves as the Deputy Director of the Division of Registration and Inspections. 

"I am deeply committed to the PCAOB's mission to protect investors through high quality audits," Mr. Botic said. "It is an honor and a privilege to continue to serve that mission and to work with the talented and highly professional staff of the Office of International Affairs."

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