SEC Chair Mary Jo White Reviews SEC and PCAOB Cooperative Initiatives

SEC Chair Mary Jo White outlined cooperative initiatives between the SEC and the Public Company Accounting Oversight Board ("PCAOB"). In an address to the PCAOB Investor Advisory Group, she reviewed initiatives concerning: (i) non-Generally Accepted Accounting Principles measures; (ii) the implementation of recommendations contained in the Final Report of the Advisory Committee on the Auditing Profession to the U.S. Department of the Treasury; and (iii) the PCAOB Auditor's Reporting Model.

In addition, Chair White discussed "the excellent cooperation" between the SEC and the PCAOB "in overseeing the public company auditing profession and auditors," particularly through the SEC Division of Enforcement Financial Reports and Auditing Group which focuses on financial reporting and audit failures, and the SEC initiative "Operation Broken Gate," which identifies auditors who neglect their duties and the auditing standards.

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