Audits of Chinese Companies Start to Face U.S. Inspections

  • 📰 WSJ
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 63%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

An audit watchdog will determine whether Alibaba, Yum China and other Chinese companies can keep their listings on U.S. stock exchanges

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 98. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

oh,shit. this is how the US deal with its competitor.

Ireland Ireland Latest News, Ireland Ireland Headlines