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10/01/2011 Grant Thornton welcomes greater cooperation between audit regulators

29 Mar, 2010

10 January 2011
Ed Nusbaum, chief executive officer of Grant Thornton International, today joined his colleagues at BDO, Deloitte, Ernst & Young, 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 the cooperative agreement between the US Public Company Accounting Oversight Board (PCAOB) and the UK Professional Oversight Board (POB). 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."

Ed Nusbaum adds, "Investors operate in a global economy but capital markets and auditors are subject to national regulation.

"Cross border difficulties arise most often in auditor registration and inspection requirements which differ or conflict from one country to the next. The European Commission's equivalence decisions and today's PCAOB/POB announcement are helpful developments which facilitate greater cross border cooperation between regulatory bodies, and ultimately will give greater assurance to investors in the world's capital markets."

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