The Public Company Accounting Oversight Board has entered into a cooperative agreement with the Supervisory Board of Public Accountants of Sweden on the oversight of audit firms in both regulators’ jurisdictions.
The pact takes effect immediately. The agreement with the Swedish RN provides a framework for joint inspections and allows for the exchange of confidential information in accordance with the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Those provisions amended the Sarbanes-Oxley Act of 2002 to allow the PCAOB to share confidential information with its counterparts in other countries under certain circumstances. An agreement on data protection is also part of the cooperative arrangement that was announced Monday.
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