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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