SEC judge suspends Big Four China units

by Richard Crump

More from this author

23 Jan 2014

  • Comments

CHINESE UNITS of the Big Four accounting firms should be banned from conducting audits of US-listed companies, a Securities and Exchange Commission judge has ruled.

The decision, which escalates a long-running dispute between US and Chinese regulators over access to auditing documents of Chinese companies listed on the US stock exchange, will see the Big Four firms barred from working on behalf of any US-listed Chinese companies for six months if it is upheld.

The ruling will not come into immediate affect and the four firms have said they intend to appeal the decision.

"In the meantime the firms can and will continue to serve all their clients without interruption," the Chinese affiliates of PwC, KPMG, Deloitte and EY said in a joint statement.

In 2012, the SEC accused the firms, and BDO's Chinese affiliate, of breaking securities laws by refusing to produce documents related to their audits of several China-based clients under investigation for fraud.

The actions stemmed from a broader inquiry into Chinese companies listed on American exchanges.

BDO's Chinese unit was only censured as it had already withdrawn from the US market.

Visitor comments

blog comments powered by Disqus

Add your comment

We won't publish your address

By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

  • Send


Financial Planner

The Ministry of Defence Surgeon General’s (SG) Finance Department, Lichfield, Staffordshire, Permanent, Full Time, £ £30,008




Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials


Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you



Why budgeting fails: One management system is not enough

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.


iXBRL: Taking stock. Looking forward

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.