Cyprus-USA cooperation strengthened for audit profession oversight

Cyprus and the USA are strengthening their cooperation in the oversight of the audit profession through the signing of a Protocol Declaration and a supplementary Agreement for the transfer of personal data.

The agreement was made between the Cyprus Public Audit Oversight Authority (ΑΔΕΕλΕπ) and the US Public Company Accounting Oversight Board (PCAOB).

The Protocol Declaration aims to strengthen cooperation through information exchange, joint inspections, and the development of common practices to improve audit quality and enhance investor confidence.

The Agreement on the Transfer of Personal Data provides guarantees for the safe management of data, exclusively for supervisory purposes, in accordance with legislation.

The President of ΑΔΕΕλΕπ, Andreas Zachariades, stated that the agreement strengthens Cyprus' international prestige and creates prospects for the introduction of Cypriot companies to US capital markets.