AFM and PCAOB continue their cooperation agreement in cross-border supervision of audit firms

The AFM and the USA’s supervisory authority of audit firms, the Public Company Accounting Oversight Board (PCAOB), are continuing their cooperation on the basis of an agreement. This cooperation is possible in any event until 31 July 2016 on the basis of recent European regulations.

The agreement enables the exchange of relevant supervisory information between the PCAOB and the AFM. The supervisory authorities can also conduct joint inspections at audit firms. Thus, with the aid of joint inspections, the PCAOB can also involve the Dutch operations in the supervision of the Big 4 firms. The AFM conducted two joint supervisory inspections with the PCAOB in 2013.

The agreement enables the AFM to expand its supervision of auditors and audit firms that audit financial reporting of companies listed on the Dutch stock exchange with the auditors that operate in the USA.
The AFM has received a new permit from the Secretary of State for Security and Justice to enable it to provide personal data to the PCAOB. This was essential to allow confidential information to be provided to the US supervisory authority after 31 July 2013 as well.

The addendum was signed by Gerben Everts on behalf of the AFM on 12 July 2013.

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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