Dubai Financial Services Authority (DFSA) said it has entered into a Statement of Protocol with Public Company Accounting Oversight Board (PCAOB), the agency responsible for federal oversight of the audits of public companies in the US.

The agreement was signed by DFSA chief executive Paul M Koster and the PCAOB chairman James R Doty, during his visit to Washington. DFSA board member Dr J Andrew Spindler was also present at the signing.

On the agreement, Koster said, “This is, in fact, the first bi-lateral agreement the DFSA has established with an audit regulator following the change to the Dubai International Financial Centre’s Regulatory law, which allows such co-operation."

"As fellow members of the International Federation of Independent Audit Regulators, the DFSA and the PCAOB are committed to developing and implementing international standards, among them supporting co-operation between regulators and promoting greater consistency of audit oversight," he noted.

According to Koster, the ability of audit regulators to co-operate and share information was critical in the current environment when the need to protect investors and the public interest has never been more important.

"There are eight US regulated Firms in the DIFC and the PCAOB already conducts audits jointly with the DFSA, this agreement facilitates the sharing of information," he stated.

Koster said this initiative also extended the DFSA’s collegiate links with regulators in the US.

"The DFSA already has a MoU with the Commodity Futures Trading Commission and with the four federal banking supervisors, as well as other US regulators in the context of our multi-lateral arrangements," he added.

Doty said for many years the DFSA had been a valued partner as the PCAOB has sought to ensure effective cross-border audit oversight.

"We are pleased that this agreement will allow us to exchange confidential information, which will enhance the strong co-operative relationship that already exists," he added.-TradeArabia News Service