The US and European Union have agreed to a general framework on how officials on both sides of the Atlantic will cooperate to oversee auditing firms. Although “the practical applications will have to be worked out,” the cooperation is a step towards creating global accounting standards.
The two governments reached an agreement on how to deal with European auditors that work in the US. The US requires that those auditors register with the US Public Accounting Oversight Board (PCAOB) and be inspected every three years.
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