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.
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