Renewal of the cooperation arrangement between the CSSF and the PCAOB relating to the oversight of audit firms subject to the regulatory jurisdictions of both regulators
On 7 November 2022, the Director General of the Commission de Surveillance du Secteur Financier (CSSF) and the Chairwoman of the Public Company Accounting Oversight Board (PCAOB) signed the new cooperation agreement between the CSSF and the PCAOB. The CSSF and the PCAOB welcome the conclusion of this cooperation agreement and their ability to continue a constructive cooperation between the two organisations in the field of auditor supervision.
This cooperation agreement allows for the exchange of information between the two authorities under conditions strictly regulated by the protocol. Furthermore, it provides for the possibility of joint inspections in Luxembourg and the United States for audit firms subject to the supervision of both authorities, under clearly defined conditions.
The protocol is accompanied by a administrative arrangement on the protection of personal data. The latter has received a favourable opinion from the European Data Protection Committee and prior authorisation from the Luxembourg’s Data Protection Commission (CNPD).
An information notice, drawn up pursuant to Article III.3 of the administrative arrangement provides the persons concerned with information on certain points of this agreement.
This new cooperation agreement is conditional on the existence of a decision by the European Commission on the adequacy of the competent authorities of the United States of America. As of the date of signature of the CSSF/PCAOB agreement, the decision in force for the PCAOB covers the period from 1 August 2022 to 31 July 2028.
The conclusion of this cooperation agreement allows the CSSF and the PCAOB to continue the exchange of information relating to the exercise of their missions. It does not allow the réviseurs d’entreprises agréés to transmit the same information directly to the PCAOB, as such communication can only be made through the CSSF.