The SEC has fined some of China’s largest auditors for failing to supply paperwork from US-listed Chinese companies. It underlines a longstanding stalemate, but not everyone believes the outcome is positive.
The US Securities and Exchange Commission issues final extension on China audit ban; The Reserve Bank of India allows infrastructure refinance; and the Russian Finance Ministry orders moves to IFRS accounting standards.
Singapore-listed Chinese corporates are worried over an accounting crossfire between China and Singapore for S chip companies and their auditors after a Singaporean court ruling.
China’s finance ministry has proposed eliminating audit licences for overseas-listed Chinese companies, throwing into doubt Alibaba’s planned IPO. Experts suggest state secret security could be a factor for the escalating tension.
Regulators in China have revised a requirement that foreign-invested enterprises (FIEs) undergo a joint annual inspection, in favour of an online report procedure.