PCAOB and Slovak UDVA enhance collaboration in audit oversight

The Auditing Oversight Authority of the Slovak Republic (UDVA) and the Public Company Accounting Oversight Board (PCAOB) have recently established a statement of protocol to enhance their cooperation in supervisory oversight over auditors and public accounting companies operating under the jurisdictions of both regulators.

This new initiative, effective since May 5, 2025, is designed to further strengthen collaboration between the two oversight bodies. PCAOB Chair Erica Williams emphasized the significance of this agreement, noting its contribution to the overall efforts of the PCAOB to safeguard the interests of investors in US markets.

PCAOB, a regulatory body established by the US Congress, plays a crucial role in overseeing audits conducted by public companies. Its primary objective is to protect investors and ensure that audit reports are both accurate and independent. Additionally, PCAOB is responsible for monitoring the audits of brokers and dealers, which includes assessing compliance reports submitted in accordance with federal securities laws.

In light of recent political developments, there has been a notable shift in the management of PCAOB. The Trump administration has endorsed a proposal to transfer PCAOB’s responsibilities to the Securities and Exchange Commission (SEC), a move that has received support from Republican legislators. The House Financial Services Committee has approved this measure, as well as legislation aimed at reducing funding for the Consumer Financial Protection Bureau, within the framework of a broader federal budget bill.

Despite criticism from some quarters, arguing that PCAOB operations result in unnecessary costs and overlap with SEC functions, PCAOB continues to adapt to changing circumstances. The release of enhanced datasets related to the organization’s inspection reports represents a proactive step towards providing stakeholders with improved access to detailed audit information. These datasets, available in machine-readable formats like CSV, XML, and JSON, cover various aspects of PCAOB inspection reports, dating back to 2018 for annually inspected companies and 2019 for triennially inspected firms.

Overall, the collaborative efforts between PCAOB and UDVA underscore the importance of international cooperation in regulating audit-related activities. By working together, these oversight bodies can contribute to enhancing transparency, accountability, and investor confidence in the global financial markets.