The Public Company Accounting Oversight Board today announced a cooperative agreement with the Financial Supervisory Commission of Taiwan for the oversight of auditors that practice in both of the regulators' respective jurisdictions.
"Although we have been doing inspections of Taiwan-based audit firms since 2007, this agreement with Taiwan's FSC is important to strengthening our ties with the FSC so that we may work more closely together. We are pleased to have reached this achievement with a partner in this important region," said PCAOB Chairman James R. Doty.
Rhonda Schnare, PCAOB Director of International Affairs, said, "The Statement of Protocol with the FSC of Taiwan demonstrates the progress we are making in reaching cooperative arrangements in Asia."
Under similar agreements, the PCAOB carries out joint inspections with regulators in the Asia and Pacific region, including Australia, Korea and Singapore. Additionally, in coordination with the regulators in Indonesia, Japan, Malaysia, New Zealand, Philippines, and Thailand, the PCAOB has regularly been conducting inspections of PCAOB-registered firms from those countries.
The Sarbanes-Oxley Act directed the PCAOB to oversee and periodically inspect all accounting firms that regularly audit companies whose securities trade in U.S. markets. More than 900 audit firms currently registered with the PCAOB are located outside the United States, spanning 88 jurisdictions. Currently, 12 registered firms are located in Taiwan.