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EC Statement: Commission decision lays the foundation for reinforced international cooperation on the supervision of auditors

( January 19, 2011, 11:23 GMT | Official Statement) -- MLex Summary: The European Commission has declared the US, Japan and eight other countries have 'equivalence' in oversight of auditors, allowing for reinforced cooperation with EU authorities. Switzerland, China, Canada, Australia, Croatia, Singapore, South Africa and South Korea were also designated as such. Twenty more countries were given a transition period of a year and a half as they develop their supervision of the accounting industry.The European Commission today adopted the first decision recognising the equivalence of the audit oversight systems in 10 third countries1. This decision paves the way for reinforced cooperation between Member States and third countries which have been declared equivalent, so that they can mutually rely on each others' inspections of audit firms. The decision also grants a transitional period to auditors from 20 third countries2 allowing them to continue their audit activities in the EU while further assessments are carried out....

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