PCAOB signs agreement with Cypriot audit overseer

The Public Company Accounting Oversight Board has reached a deal with the Cyprus Public Audit Oversight Board, the latest in a series of agreements with regulators in other countries allowing cooperation in the oversight of auditors who practice in each other’s jurisdictions.

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The statement of protocol and data protection agreement both took effect on Dec. 15. It’s the 30th bilateral agreement between the PCAOB and a foreign audit oversight authority to date. It governs matters such as inspections and investigations of firms. 

“The PCAOB is pleased to enter into a cooperative agreement with the Cyprus Public Audit Oversight Board, reinforcing our shared commitment to strengthening investor protection through cross-border audit oversight,” said PCAOB acting chair George Botic in a statement Tuesday. “This partnership will enhance our ability to further transparency and accountability in the capital markets.”

The PCAOB inspects auditing firms in more than 50 jurisdictions outside the U.S. “Together with our European counterparts, we are working to improve audit quality globally for the benefit of investors,” said PCAOB director of international affairs Karen Dietrich in a statement.