PCAOB international inspections of non-U.S. auditors impact international Merger and Acquisition outcomes. Clients of inspected auditors are more likely to be acquired after inspection reports are made public. Deals involving targets with available inspection reports have higher completion rates and returns. However, deficiencies identified in inspection reports can weaken the positive effect of PCAOB oversight on M&A outcomes. Overall, PCAOB oversight reduces uncertainty in M&A deals.