The Public Company Accounting Oversight Board is forging closer ties with Australian regulators.The PCAOB has signed a statement of protocol with the Australian Securities and Investments Commission to improve cooperation in their oversight of auditors and public accounting firms that practice in the United States and Australia.
The move is part of an ongoing effort by the PCAOB to expand its international program in accordance with the Sarbanes-Oxley Act. The PCAOB is working on establishing cooperative arrangements with oversight bodies in other countries as well.
Under Sarbanes-Oxley, the PCAOB is required to oversee and periodically inspect all accounting firms that regularly audit U.S. public companies, including firms based outside the U.S. More than 780 audit firms registered with the PCAOB are located outside the U.S., including nearly 40 firms in Australia.
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