Total 25 Posts
PCAOB Publishes Reports on China Audits
The U.S. Public Company Accounting Oversight Board (PCAOB) published reports on inspections of two accounting firms that audited 40% of the total market share of U.S.-listed companies audited by Hong Kong and mainland firms. The reports noted "unacceptable rates" of deficiencies, as the audit firms "failed to
China's Banking Regulator Fines Standard Chartered and Four Other Banks
China’s banking and insurance regulator has recently imposed nearly 400 million yuan fines on five banks, including the Chinese unit of UK lender Standard Chartered Bank, for various violations of laws and regulations.
U.S. House Committee Holds Hearing on Chinese Economic Threats
The U.S. House of Representatives Financial Services Committee held a hearing yesterday on "Combatting the Economic Threat from China." Issues that were discussed at the hearing included: bilateral trade, outbound and inbound investment related to China, Chinese lending, TikTok, and China's presence in Latin American and African countries.
Beijing Approves More Foreign Financial Companies
The Chinese government has sped up regulatory approval on foreign financial service business in recent months, after an official vowed last year to do more to "attract more outstanding international companies and talents to China's capital market."
Chinese Companies' Delisting Risk Averted for Now, Says PCAOB
Last week, a U.S. regulator announced that it has secured access to the audit records of Chinese firms, averting an imminent delisting crisis for over two hundred Chinese companies.
Republican Senator Presses SEC On China Audit Agreement
A Republican Senator is pressing the Biden administration in relation to a cooperation agreement on financial audits signed by Chinese and American regulators. Political pressure of this sort could make it more difficult to have a functioning regulatory cooperation agreement.
China and U.S. Reach Landmark Audit Agreement; Implementation Remains To Be Seen
On August 26, Chinese and U.S. regulators announced that they signed an agreement on audit supervision cooperation. Officials on both sides made public comments offering their perspective on what was in the deal. Whether the deal will avert the delisting of over 200 Chinese companies on U.S. stock