With the impending move to International Financial Reporting Standards in the U.S., U.S. and European regulators began constructing "a system of mutual oversight reliance" late last year. The goal is to achieve "mutual recognition of regulators" so that, for example, UK auditors working with clients who have a U.S. market listing are not subject to inspection by both the UK Financial Reporting Council and the U.S. Public Company Accounting Oversight Board. European regulators are insisting on access to audit records of U.S. companies listed in European markets if the PCAOB will be inspecting the records of European companies that are listed in the U.S. For some reason, U.S. regulators are surprised.