U.S. accounting watchdog gains access to Hungary
The Public Company Accounting Oversight Board (PCAOB) of the United States entered a cooperative agreement with the Auditorsʼ Public Oversight Authority of the Ministry for the National Economy of Hungary (APOA) for the oversight of audit firms subject to the regulatory jurisdictions of both regulators, according to Hungarian news agency MTI.
The agreement, which took effect on Thursday, provides a framework for joint inspections and offers data protection and the exchange of confidential information, PCAOB announced, MTI reported.
The U.S. watchdog organization plans to achieve similar agreements with the remaining European regulators in the event that such agreements are necessary, the announcement added. The Board hopes to coordinate its inspections with local authorities to improve investor protection and quality of audits through cooperation and sharing of information.
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