Ernst & Young supports announcement of cooperative agreement
London, 10 January 2011: Jim Turley, Chairman and CEO of Ernst & Young, joined his colleagues at BDO, Deloitte, Grant Thornton International, KPMG, and PwC, in releasing the following statement.
“Over the last several years, regulation of the auditing profession has evolved substantially with independent oversight of audit firms now in place in many jurisdictions around the world. Independent oversight has made an important contribution to audit quality and investor confidence in financial markets.
The global nature of corporate activity demands that audit regulators share information and cooperate across borders. Therefore, we are encouraged by today’s announcement of a cooperative agreement between the U.S. Public Company Accounting Oversight Board and the U.K. Professional Oversight Board. We are pleased it will enable audit firm inspections to move forward and hope it will be followed by similar arrangements among other regulators which we encourage and support.
Such cooperation benefits not only the regulators and registered audit firms but also investors, whose investments today increasingly cross borders.”