US, German Regulators To Cooperate On Audits

Law360, New York (April 13, 2012, 3:57 PM EDT) -- U.S. and German audit regulators have entered into a cooperative agreement related to the oversight of firms subject to both countries' jurisdictions, an important step in fulfilling the Sarbanes-Oxley Act's direction for U.S. regulators to audit companies whose securities trade on U.S. markets, the regulators announced Friday.

The agreement between the U.S. Public Company Accounting Oversight Board and the German Auditor Oversight Commission includes a framework for conducting joint inspections, provisions governing the exchange of confidential information and an agreement on data protection.

"This agreement with...
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