Audit oversight: SEC stalls

23 February 2009

Sarah Wilson

Latest News

Australia narrows climate reporting scope mid‑rollout

Minerva Proxy Update

Follow This challenges Shell days before key vote

SRD III is Europe’s chance to fix proxy plumbing

SEC Steps Closer to Unwinding Climate Disclosure Rules

Minerva Proxy Update

Featured Briefings

Australia Proxy Season Review 2025

2026 Proxy Season Preview

Diversity Divergence: Shareholders Steadfast Amid Pervasive Political Posturing

As the Madoff and Sanford scandals have highlighted, co-operation between regulatory authorities is a crucial protection mechanism for shareholders. The news that the SEC is pulling away from its committment to work with the EU on audit inspection is therefore especially disappointing.

Unlike Canada and Japan who are keen to move forward with mutual recognition of audit oversight bodies, the US doesn't appear able to make the necessary commitment, according to recent comments by the EU's Internal Market Commissioner, Charlie McCreevy.

The EU is now in the position where it is committed to enabling the US  Public Company Accountancy Oversight Board (PCAOB) undertake inspections but not the otherway round.

At a time when shareholders might be looking to global regulators to be spending more time on ensuring shareholders are receiving the best possible insight into the state of the finances of their investments,  unecessary time and effort is being wasted in duplicate red tape.

Ultimately, the SECs lack of progress flies in the face of  last year's G20 committment to to strengthen coordination and cooperation, as a matter of priority.

Related Stories

SEC Steps Closer to Unwinding Climate Disclosure Rules

May 13, 2026
Read More

EU Parliament signals more enforceable path for SFDR 2.0

May 7, 2026
Read More
fiduciary squeeze

The fiduciary squeeze is timed for when trustees can’t look up

April 23, 2026
Read More

Regulating the Raters: The FCA’s ESG Regulatory Proposals, Minerva’s Response, and What the Market Should Watch

April 16, 2026
Read More

Germany Eases Pressure on Investor Collaboration

April 15, 2026
Read More

Why Switzerland’s Proposed Sustainability Bill Matters for Investors

April 9, 2026
Read More