Audits of Chinese companies by KPMG and PwC full of holes, US watchdog finds | CNN Business

US inspectors, after receiving access to auditors’ books for the first time, discovered significant shortcomings in audits of companies based in China and Hong Kong that are listed on US stock exchanges. The Public Company Accounting Oversight Board said Wednesday that it uncovered major “deficiencies” after checking the work of KPMG Huazhen, which is headquartered in mainland China, and PwC’s practice in Hong Kong.

” In a statement, KPMG Huazhen said it “acknowledges the findings of the PCAOB following its inspection and has taken steps to address the issues identified.” “Audit quality is fundamental to our business and we continue to invest heavily in innovation, technology, people and training to create a stronger, more resilient audit business,” the firm added. PwC Hong Kong called the PCAOB inspection “an important milestone in cooperation between China and US regulators and for US capital markets.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

British investment minister visits Hong Kong, first official visit in 5 yearsBritain's Minister for Investment Dominic Johnson said he held a series of meetings with government officials and executives in Hong Kong this week, the first official visit from a senior British official to the city in five years.
Source: Reuters - 🏆 2. / 97 Read more »