Dubai: The Dubai Financial Services Authority (DFSA), recently entered into a Statement of Protocol with the Public Company Accounting Oversight Board (PCAOB) in the US.
The agreement was signed on behalf of the DFSA by chief executive Paul M. Koster and the chairman of the PCAOB, James R. Doty, during a visit by Koster to Washington. DFSA Board Member Dr J. Andrew Spindler was also present at the signing.
"The ability of audit regulators to co-operate and share information is 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," Koster said.
This is the first bilateral agreement the DFSA has reached with an audit regulator following the change to the Dubai International Financial Centre's regulatory law, which allows such co-operation.
This initiative also extends the DFSA's collegiate links with regulators in the US.
