PCAOB and Romania’s ASPAAS collaborate for online accounting services

The Autoritatea pentru Supravegherea Publica a Activitatii de Audit Statutar (ASPAAS) of Romania and the Public Company Accounting Oversight Board (PCAOB) recently announced a statement of protocol to enhance cooperation in overseeing auditors in their respective jurisdictions. The agreement, effective since March 4, 2025, is primarily focused on enhancing the accuracy and reliability of audit reports, which will benefit investors and promote trust in capital markets.
This particular collaboration signifies the 18th agreement between PCAOB and a European audit regulator, underscoring the importance of international cooperation in audit oversight. The statement of protocol highlights the commitment of both parties to conducting collaborative efforts in inspections and investigations while complying with their respective legal frameworks.
PCAOB Chair, Erica Williams, expressed satisfaction with the cooperative agreement, emphasizing the shared goal of safeguarding investors through enhanced audit oversight. The partnership is expected to facilitate future cooperation efforts, allowing for increased reliance on each other’s oversight activities, especially regarding auditors under joint regulatory supervision.
The scope of cooperation defined in the agreement is adaptable and may evolve over time, depending on the circumstances of each inspection or investigation. This flexibility ensures that the collaboration remains relevant and effective in upholding audit quality standards. Importantly, during inspections, the exchange of inspection guides will play a crucial role in enhancing the efficiency of joint efforts.
Karen Dietrich, PCAOB International Affairs Director, highlighted the significance of such collaborative agreements in promoting independent audit oversight, safeguarding investor interests, and fostering transparency in capital markets. The partnership with ASPAAS reflects a mutual commitment to maintaining the integrity of audit processes and financial reporting.
As outlined in the Sarbanes-Oxley Act, the PCAOB is mandated to oversee audits of US-listed public companies and SEC-registered brokers and dealers. With authority extending to conducting firm inspections in over 50 non-US jurisdictions, the PCAOB plays a pivotal role in upholding audit quality standards on a global scale.
This cooperative agreement comes on the heels of recent appointments made by the PCAOB to its Investor Advisory Group and Standards and Emerging Issues Advisory Group. Such strategic initiatives underscore the organization’s commitment to fostering collaboration and ensuring the efficiency and effectiveness of audit oversight in the global financial landscape.