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On 18 May 2010, the Public Company Accounting Oversight Board (PCAOB) published on its website a list of non-US registered audit firms that it has not inspected, as well as a list of issuers audited by these firms that are subject to supervision by the SEC.
The AMF and the H3C reiterate their joint position1 as published on 16 October 2009.
Currently, the conditions for cooperation have yet to be fulfilled for accepting requests for inspections of French auditors and audit firms by the PCAOB.
The AMF and the H3C point out that the conditions set out in Directive 2006/43/EC on statutory audits include the existence of bilateral agreements that guarantee reciprocity, confidentiality of information exchanged and use of that information solely for the purposes of public oversight. The conclusion of such agreements implies the adoption by the European Commission of an adequacy decision of the public oversight system of the requesting state, based on the requirements of Article 36 which sets out, notably, the obligation of professional secrecy to be applied by the competent authority.
Thus, the AMF and the H3C still consider that in the absence, so far, of an adequacy decision by the European Commission, as well as any agreement between the PCAOB and the H3C, disclosure of documents and conduct of joint inspections remain impossible.
Furthermore, the AMF and the H3C point out that French audit firms, as well as their audit clients, are subject to their supervision, inspections and investigations, in accordance with European and national legislations.
1 Also available on the H3C website at www.h3c.org
