Category: PCAOB

Big Four Accounting Firms Out of Favor in China: Deloitte’s Beijing Office Penalized

April 8, 2023
big fourChinaChina Business & EconomyChinese RegimedeloitteHuarongPCAOBRYB EducationThreat from Communist ChinaU.S. Securities and Exchange Commission (SEC)US-China relations
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News Analysis Deloitte, the accounting firm that was fined $20 million by the U.S. Securities and Exchange Commission (SEC) for shielding Chinese companies from U.S. oversight, has been hit with a fine of more than $30 million by the Chinese Communist Party (CCP). How did Deloitte find itself in this awkward position between the two…

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US Receives ‘Full Access’ to China Accounting Firms for First Time Ever

December 15, 2022
auditBusiness & MarketsChinaChina Business & EconomycommerceCompaniesFinance & Business TiesInternational RelationsPCAOBSpecial TopicsUSUS NewsUS-China relations
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The United States is receiving full access to inspect and investigate accounting firms in China for the first time, according to the nation’s top auditor. The U.S. Public Company Accounting Oversight Board (PCAOB) announced on Dec. 15 that it obtained full access to inspect and investigate firms in China after years of refusals by the…

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US Receives ‘Full Access’ to China Accounting Firms for First Time

December 15, 2022
auditBusiness & MarketsChinaChina Business & EconomycommerceCompaniesFinance & Business TiesInternational RelationsPCAOBSpecial TopicsUSUS NewsUS-China relations
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The United States is receiving full access to inspect and investigate accounting firms in China for the first time, according to the nation’s top auditor. The U.S. Public Company Accounting Oversight Board (PCAOB) said on Dec. 15 that it obtained full access to firms in China after years of refusals by the Chinese Communist Party…

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Deloitte-China Ordered to Pay $20 Million SEC Fine

October 11, 2022
ChinaChina Business & EconomyChinese RegimePCAOBThe Holding Foreign Companies Accountable ActU.S.-listed Chinese companiesUS-China relations
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The SEC has issued a $20 million fine against Deloitte-China, for failing to comply with U.S. audit requirements. In a Sept. 29 announcement, the Securities and Exchange Commission (SEC) penalized Deloitte Touche Tohmatsu Certified Public Accountants LLP (Deloitte-China) for “failing to comply with fundamental U.S. auditing requirements in its component audits of U.S. issuers and…

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SEC Chief Says It’s Unknown If China Can Avoid Its Companies Being Delisted From US Markets

July 20, 2022
Business & MarketsChinaChina Business & EconomyMarketsPCAOBSECUS-China relations
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U.S. Securities and Exchange Commission Chairman Gary Gensler said he’s unclear about the prospect of reaching a deal with Beijing to prevent the mass delisting of Chinese companies whose shares are traded on American stock exchanges. In a July 19 interview with Bloomberg, Gensler said the authorities in China are the ones who will ultimately…

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Weibo Becomes China’s Sixth Company Flagged by SEC for Potential Delisting

March 28, 2022
Business & EconomyChinaChina Business & EconomyCompaniesdelistingHFCAAMedia & Big TechPCAOBUSUS-China relationsWeibo
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Nasdaq-listed Weibo became the sixth Chinese company flagged by the Securities and Exchange Commission (SEC) for possible delisting from the U.S. market. Weibo, the Twitter equivalent in China, Nasdaq.com reported on March 24, will “evaluate all strategic options.” The SEC seems to have accelerated the implementation of a 2020 law banning foreign companies from U.S….

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Weibo Becomes 6th Chinese Company Flagged by SEC for Potential Delisting

March 28, 2022
Business & EconomyChinaChina Business & EconomyCompaniesdelistingHFCAAMedia & Big TechPCAOBUSUS-China relationsWeibo
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Nasdaq-listed Weibo became the sixth Chinese company flagged by the Securities and Exchange Commission (SEC) for possible delisting from the U.S. market. Weibo, the Twitter equivalent in China, Nasdaq.com reported on March 24, will “evaluate all strategic options.” The SEC seems to have accelerated the implementation of a 2020 law banning foreign companies from U.S….

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SEC Removes Trump-Appointed Audit Watchdog

June 4, 2021
DuhnkePCAOBPoliticsSECUS
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The Securities and Exchange Commission (SEC) on June 4 announced the firing of William Duhnke, the chairman of the Public Company Accounting Oversight Board (PCAOB.) The removal of Duhnke, an appointee of President Donald Trump, follows demands from Sen. Elizabeth Warren (D-Mass.) and Sen. Bernie Sanders (D-Vt.) for SEC Chairman Gary Gansler to sack the…

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