(11)The operation of the transitional arrangements should be monitored and the progress made by the competent authorities of the United States of America should be examined. At the end of the transitional period, a decision on the equivalence of the public oversight, quality assurance, investigation and penalty system for auditors and audit entities of the United States of America should be taken. A review of whether the Member States encountered difficulties in obtaining recognition as equivalent by the competent authorities of the United States of America in relation to the public oversight, quality assurance, investigation and penalty systems for auditors and audit firms of the Member States should be carried out.