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PCAOB and Slovak UDVA boost cooperation in audit oversight

The Public Company Accounting Oversight Board (PCAOB) has formalised a statement of protocol with the Auditing Oversight Authority of the Slovak Republic (UDVA). Effective since 5 May 2025, the initiative aims to bolster cooperation in the supervisory oversight of auditors and public accounting companies under both regulators' jurisdictions. PCAOB chair Erica Williams stated: 'Today's agreement is just the latest successful example of the PCAOB working around the globe to protect investors in US markets.' The PCAOB, established by Congress, is tasked with overseeing audits of public companies to protect investors and ensure the preparation of informative, accurate and independent audit reports. The PCAOB also supervises the audits of brokers and dealers, including compliance reports filed under federal securities laws. The development follows a proposal supported by Republican legislators to dissolve the PCAOB, as reported by The Wall Street Journal. Endorsed by the Trump administration, the move aims to transfer PCAOB responsibilities to the Securities and Exchange Commission (SEC). The House Financial Services Committee approved the measure in a 30 to 22 party-line decision. The committee also supported legislation to reduce funding for the Consumer Financial Protection Bureau. These measures are part of a larger federal budget bill awaiting a vote in the House. Recent changes in White House leadership have led to shifts in PCAOB's management, reflecting ongoing political influences. Critics argue that the PCAOB imposes unnecessary costs and duplicates SEC functions. In response to evolving needs, the PCAOB recently released enhanced datasets related to its inspection reports, providing stakeholders with improved access to detailed audit information. These datasets, available in machine-readable formats such as CSV, XML and JSON, cover PCAOB inspection reports' Part I.A and Part I.B. They include information dating back to 2018 for annually inspected companies and 2019 for those that are triennially inspected firms, facilitating analysis across various platforms. "PCAOB and Slovak UDVA boost cooperation in audit oversight " was originally created and published by The Accountant, a GlobalData owned brand.