SEC says it’s reached agreement to allow inspections of Chinese audit firms


The Securities and Exchange Commission said Friday it’s reached an agreement with the China Securities Regulatory Commission and the Ministry of Finance of the People’s Republic of China governing inspections and investigations of audit firms based in China and Hong Kong. “This agreement marks the first time we have received such detailed and specific commitments from China that they would allow PCAOB inspections and investigations meeting U.S. standards,” said SEC Chair Gary Gensler in a statement. Gensler said the agreement “will be meaningful only if the PCAOB actually can inspect and investigate completely audit firms in China. If it cannot, roughly 200 China-based issuers will face prohibitions on trading of their securities in the U.S. if they continue to use those audit firms.”

This article was originally published by Read the original article here.

Previous article: Healthcare inflation is the latest price hike hitting consumers grappling with rising costs
Next articleThe Moneyist: ‘She’s going to spend every nickel’: My grandmother inherited $250K. She promised to buy stuff for all our family. How do I stop her wasting her good fortune?


Please enter your comment!
Please enter your name here