China-US audit fiasco ends in auditor fines
Feb 9, 2015
US and China reach audit deal, but limitations apply
The US and China have agreed to allow the US accounting watchdog to access audit papers of US-listed Chinese firms alleged of fraud. A handful of the major accounting firms were holding off supplying the information for fear of breaking Chinese law.
After a standstill of more than two years, regulators of the US and China announced last Friday in Beijing that US accounting watchdog can access papers in China related to enforcements against auditors of US-listed Chinese firms, but its request to routine inspection of audit firms in China was denied.
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