Exchange of Letters on cooperation in the area of audit oversight with the AFM of the Netherlands

1.Financial Services Agency (FSA) and Certified Public Accountants and Auditing Oversight Board (CPAAOB) signed a Letter on cooperation in the area of audit oversight (PDF:516KB) with the Netherlands Authority for the Financial Markets (AFM) on March 19, 2013 and exchanged the Letters with the AFM on March 26, 2013.

2.Given the global nature of capital markets, this exchange of Letters intends to strengthen and facilitate cooperation between both authorities in order to protect investors and to help promote public trust in audit process in the capital markets of both countries.

3.Through this exchange of letters, each authority is able to share information upon request, related to Auditors that fall within the regulatory jurisdiction of both authorities.

4.The contents of the Letters include, but are not limited to, the following;

• that the Authorities may exchange information for the purposes of public oversight, inspections, and investigations of Auditors;
• that the Authorities will use their best endeavors to notify each other, prior to or immediately after taking any significant public oversight measures, in respect to relevant Auditors that are registered/notified or seek registration/notification in the other country; and
• other descriptions such as confidentiality of information exchanged, etc.