The U.S. Public Company Accounting Oversight Board said Tuesday it has entered into a cooperative agreement with the Arab state of Dubai for the oversight of auditors in both countries.
The cooperative arrangement with the Dubai Financial Services Authority will provide for the oversight of auditors that practice in the regulators’ respective jurisdictions. The two regulators plan to hold a formal signing ceremony in January.
“For many years the DFSA has been a valued partner as the PCAOB has sought to ensure effective cross-border audit oversight,” PCAOB Chairman James Doty said in a statement. “We are pleased that this agreement will allow us to exchange confidential information, which will enhance the strong cooperative relationship that already exists.”
The agreement with Dubai marks the second cooperative arrangement that the PCAOB has concluded in the Middle East. The PCAOB recently signed a cooperative arrangement with the Israeli Securities Authority (see PCAOB Strikes Information-Sharing Deal with Israel). Earlier this month, the PCAOB also announced that it had entered into a cooperative agreement with the Netherlands Authority for the Financial Markets (see PCAOB Reaches Inspection Deal with Netherlands).
The PCAOB has also been working to reach an inspection deal with China to examine firms that rely on auditors in that country that work on the financial statements of companies that have entered the U.S. public markets through reverse mergers with U.S. shell companies. However, so far, it has been unable to reach an agreement with Chinese financial reguilators.
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