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".
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.