Cooperation between Cyprus and the US in the field of auditing supervision has been strengthened by the signing of a Protocol Declaration and a supplementary Agreement on the transfer of specific personal data between the Cyprus Public Oversight Authority (CyPAOB) and the corresponding American supervisory authority, the Public Company Accounting Oversight Board (PCAOB), according to a CyPAOB statement.
As stated, the Protocol Declaration aims to strengthen cooperation between the two Authorities in the field of auditing supervision and provides, among other things, for the exchange of relevant information, joint inspections and investigations, and the development of common practices that improve the quality of audits and strengthen investor confidence in capital markets.
With regard to the Agreement on the Transfer of Specific Personal Data, the CyPAOB notes that it aims to provide appropriate safeguards for the secure and proper management of personal data.
"The transfer is carried out exclusively for purposes related to the exercise of the supervisory powers of the two authorities, in full compliance with applicable law and their internal policies, without creating new binding legal obligations," it is added.
According to the statement, CyPAOB President, Andreas Zachariades, said that the signing of the Protocol Declaration is a particularly important development for the Republic of Cyprus, as it strengthens the country's international prestige, creates prospects for the listing of Cypriot companies on US capital markets, and allows for the relevant audits to be carried out by auditors registered in the Republic of Cyprus.
He also said that by signing these Agreements, CyPAOB confirms its commitment to strengthening international cooperation with the aim of implementing high standards of supervision and consistently protecting the rights of data subjects.
(Source: CNA)
