State Board Report

January 2012

This month the Public Company Accounting Oversight Board will formally sign its second cooperative arrangement with a Middle Eastern country’s regulators for oversight of the auditors that practice in their respective jurisdictions. The PCAOB will enter an agreement with the Dubai Financial Services Authority (DFSA), having signed an agreement with the Israel Securities Authority at the end of October. In December, the PCAOB also entered into an agreement with the Netherlands Authority for the Financial Markets.

While the PCAOB has been conducting firm inspections in Dubai, the new agreement enables the PCAOB and DFSA to exchange confidential information, consistent with the provisions of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. Eight firms registered with the PCAOB are located in Dubai.

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