Nearly 800 of the accounting and auditing companies registered with the Public Company Accounting Oversight Board are located outside the United States. But they audit U.S. companies and, as such, the board has the job of overseeing them.
To that end, the oversight board is working to forge cooperation agreements with regulators in foreign countries on the oversight of audit firms that practice in the United States and abroad.
According to CFO.com, the board most recently struck an agreement with theAustralian Securities and Investments Commission. Both agencies signed a "protocol statement aimed at boosting cooperation in overseeing auditors and public accounting firms."
Commenting on the agreement, PCAOB Chairman Mark Olsen says simply,
...[D]ialogue and cooperation among auditor oversight bodies are critical to every regulator's ability to meet the challenges that come with the increasingly global capital markets.