PricewaterhouseCoopers’ Hong Kong unit, and the China-based units of KPMG, PwC and Deloitte are their respective audit firms, according to PCAOB records.
Officials from the China Securities Regulatory Commission and China’s Ministry of Finance are also on the ground coordinating and assisting the inspection, according to people familiar with the issue. The PCAOB declined to comment on the inspections. Covid-19 lockdowns, corruption crackdowns and more have put China’s economy on a potential crash course. WSJ’s Dion Rabouin explains how China’s economic downturn could harm the U.S. and the rest of the world. Illustration: David Fang
On top of audit working papers, internal documents including email exchanges between auditors and their issuer clients might be subject to scrutiny if the inspectors deem the information necessary, said Salvatore Collemi, founder of Collemi Consulting & Advisory Services LLC, which advises accounting firms on audit quality control.
oh,shit. this is how the US deal with its competitor.