On Monday 25 July, the European Commission adopted two new decisions to extend the equivalence and adequacy of the US competent authorities, the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) in the field of statutory auditing for a further 6 years, until the end of July 2028.
These decisions will allow EU audit supervisors to continue cooperating with their US counterparts in overseeing the audit industry in accordance with the specific EU Directive (2006/43).
This Directive sets out the rules for statutory auditors and audit firms in the EU and it includes provisions on international cooperation in the field of auditing, in particular on the exchange of information relevant to audit oversight.
This cooperation between supervisors aims to improve audit quality and ultimately, the functioning and stability of capital markets and investor protection.
These decisions extend the current agreement, which was set to expire at the end of July. (Original version in French by Anne Damiani)