The Public Company Accounting Oversight Board announced on Tuesday a cooperative agreement with the audit regulator of Finland, the Finnish Patent and Registration Office, or PRH.
Previously, in 2013, the PCAOB had a cooperative agreement with the PRH’s predecessor, the Auditing Board of the Central Chamber of Commerce of Finland. Beginning this year, the old board was replaced by the PRH as the independent audit regulator of Finland.
The current agreement with the PRH allows joint inspections and the exchange of confidential information in accordance with Finnish law and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as well as an agreement on data protection. These agreements match prior agreements made between the PCAOB and previous regulator.
"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, per a statement.
"We welcome the opportunity to continue our cooperative relationship with our regulatory counterparts in Finland," stated PCAOB Chairman James Doty. "Cross-border collaboration between the PCAOB and European audit regulators is essential to global investor protection."
Of the approximately 900 audit firms across 89 jurisdictions currently registered with the PCAOB outside of the United States, five are in Finland.
For more on the agreement, head to the PCAOB’s site.