PCAOB reaches agreement with Romanian regulator

The Public Company Accounting Oversight Board agreed on a statement of protocol with the Romanian audit oversight authority. The agreement was effective March 4.

The agreement between the PCAOB and ASPAAS — the Autoritatea pentru Supravegherea Publica a Activitatii de Audit Statutar of Romania — allows for cooperation between the two organizations for the oversight of auditors practicing in the regulator’s respective jurisdictions.

“The PCAOB is pleased to enter into a cooperative agreement with the ASPAAS, which reflects our common interest in enhancing investor protection through audit oversight,” PCAOB chair Erica Williams said in a statement.

The PCAOB enters into formal cooperative arrangements with foreign audit regulators to minimize the administrative burdens and potential conflicts that non-U.S. firms may face in their home countries. This is the 18th statement of protocol between the PCAOB and a European audit regulator. The other jurisdictions include Australia, Austria, Belgium, Canada, China, Denmark, Dubai, Finland, France, Germany, Greece, Hungary, Ireland, Israel, Italy, Japan, Luxembourg, Netherlands Norway, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan and the United Kingdom.

“The cooperative agreements we have in place with our European counterparts highlight our mutual commitment to independent audit oversight, investor protection and transparency in the capital markets,” PCAOB director of international affairs Karen Dietrich added.