The public company Accounting Oversight Board has a proposed policy statement that would allow it to rely hand over to its international counterparts inspections of non-US audit firms going over the books of US public companies. The PCAOB has noted a growing evolution of shared objectives of investor protection, improved audit quality, and effective oversight of firms.

PCAOB chairman Mark Olson has noted that after long last, auditing standards are converging.

Still, the new development might have some problems. There are concerns about differing independence standards for international regulators and board member Charles Niemeier says it's all quite pointless.

"The fact is that few if any countries spend as much on - or devote as much intensity of effort to - enforcement of financial reporting and auditing as the US does," he told CFO.com