US REGULATOR the SEC is going to China in an attempt to secure agreement for a system of joint audit inspections.
Chairman of sub-board the PCAOB James Doty told Reuters the two countries have a “time-bound opportunity” to resolve the issue, as poor accounting standards have seen 30 auditors of US-listed Chinese companies resign since March, with 20 companies de-listed.
Doty (pictured) claimed the US market’s response to the SEC’s awareness-raising has shown China it must take action to improve accounting standards and shore-up investor confidence.
The PCAOB will meet with China’s finance ministry and accountancy regulator in an effort to demonstrate that they can “participate in and contribute to a joint-audit process”.
A crisis always gives advisers plenty to do - but there are questions as to whether Brexit will give them the lucrative work they desire
The OECD's secretary-general José Ángel Gurría has given his verdict on what Brexit means for the UK and the EU
The Office of Tax Simplification is seeking three senior policy advisers
The Financial Reporting Council has launched an investigation into the conduct of the Big Four firm in relation to its audit of BHS