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The AFM and the PCAOB conclude a cooperation agreement in cross-border supervision of audit firms

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The AFM today concluded an agreement with the Public Company Accounting Oversight Board (PCAOB), the supervisor of accounting firms in the United States. The agreement enables the AFM and the PCAOB to achieve far-reaching cooperation in the supervision of accountants and accounting firms.

The agreement makes it possible for the PCAOB and the AFM to exchange information. From now on, the supervisors will also be able to perform joint inspections at audit firms. For example, the PCAOB will be able to include the activities in the Netherlands by means of joint inspections in its supervision of the Big 4 firms.

The agreement offers the AFM the possibility to expand its supervision of accountants and audit firms that audit the reporting of companies listed in the Netherlands to include accountant(s) that are active in the United States.

The AFM was granted authorisation by the State Secretary of Security and Justice to provide personal data to the PCAOB. This was necessary in order to be able to provide confidential information to the American supervisor.

The agreement will be signed officially in the US at the start of 2012 by Ronald Gerritse and Gerben Everts on behalf of the AFM. The AFM is expected to perform the first joint supervisory inspections with the PCAOB in the course of 2012. 15 Dutch licensees are active in the United States.

The AFM is committed to promoting fair and transparent financial markets.

As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.

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