Under the Sarbanes-Oxley Act, PCAOB oversight extends to non-U.S. firms that audit or play a substantial role in the audit of U.S. issuers and broker-dealers. In exercising our oversight authority outside of the U.S., we benefit greatly from cross-border cooperation.
To facilitate cross-border cooperation, we often enter into formal cooperative arrangements with foreign audit regulators to work closely in many of these jurisdictions on joint inspections and enforcement matters.
The PCAOB has conducted inspections of one or more firms in over 50 non-U.S. jurisdictions. We have worked closely with our international counterparts in many of these jurisdictions on joint inspections as well as enforcement matters, and we have built constructive relationships that facilitate meaningful cooperation. We often enter into formal cooperative arrangements with foreign audit regulators to facilitate cross-border cooperation.
The PCAOB engages on both a bilateral and multilateral basis with non-U.S. audit oversight regulators. International cooperation strengthens audit quality globally and facilitates our ability to accomplish our mission to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports.
PCAOB Cooperative Arrangements with Non-U.S. Regulators
Board Determinations Under the Holding Foreign Companies Accountable Act
The PCAOB engages with global stakeholders to share expertise and experiences regarding key advancements and topics in global audit oversight with the goal of improving audit quality. The PCAOB hosts the International Institute on Audit Regulation, and the PCAOB staff participate in IFIAR and other international organizations.