Agreement between US and European regulators over information sharing remains illusive.
In March 2003 Carl Levin, then ranking democrat on the US permanent investigations subcommittee, penned a letter which warned of the “ineffective, uncooperative and disturbing” practices of foreign auditors.
In the note, addressed to America’s audit regulator, the Public Company Accounting Oversight Board (PCAOB), the senator highlighted what he felt were gaping holes in the US regulatory framework.
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