Brussels extends equivalence agreement with US audit authorities for six years

BRUSSELS, 25 Jul. (EUROPEAN PRESS) -

The European Commission announced this Monday the extension, for six more years, of the agreement of equivalence and adequacy of the audit authorities of the United States with those of the community market.

The decision means extending the current agreement, which expired on July 31, 2022, for another six years, until July 31, 2028, which will help safeguard the EU's interests in well-regulated and supervised markets.

The decision will make it possible for EU audit supervisors to continue cooperating with their US counterparts, in line with the European directive that sets the standards for statutory auditors and audit firms in the EU, and includes provisions on international cooperation. in the field of auditing and on the exchange of relevant information.

The Community Executive has considered that good cooperation between the audit supervisory bodies contributes to a higher quality in the audit and results in the proper functioning of the capital market and the protection of investors, as highlighted in a statement.

The decision, as expressed by Brussels, reflects the good cooperation in the area of ​​auditing between the EU authorities and the Securities Market Commission (SEC) of the United States and the body that supervises the US auditors, the Public Company Accounting Oversight Board (PCAOB).