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”.
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