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State Board Report

February 2013

The Public Company Accounting Oversight Board has announced cooperative agreements with the French High Council for Statutory Auditors and the Auditing Board of the Central Chamber of Commerce of Finland relating to the oversight of audit firms subject to the regulators in France and Finland. Both agreements were announced on February 4, 2013 and took effect immediately.

The PCAOB now has six agreements with EU member state regulators (Finland, France, Germany, the Netherlands, Spain and the United Kingdom). It also has agreements with regulators in Switzerland and Norway, as well as regulators in Australia, Asia, the Middle East and North America. The agreements provide a framework for joint inspections, allow for the exchange of information in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and provide data protection in the partner country. More than 900 audit firms from 87 jurisdictions outside the U.S. are currently registered with the PCAOB. Twenty-five of those firms are in France and five are in Finland.

The PCAOB points out that the agreements have been made under the provisions of the Act of 2010, which amended the Sarbanes-Oxley Act of 2002 to permit the PCAOB to share confidential information with its non-U.S. counterparts under certain circumstances.

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