NEW YORK/HONG KONG/WASHINGTON :The U.S. Public Company Accounting Oversight Board on Thursday said it has determined that it has gotten full access to inspect and investigate firms in China for the first time ever.
"For the first time in history, we are able to perform full and thorough inspections and investigations to root out potential problems and hold firms accountable to fix them,” said PCAOB Chair Erica Williams."The good news is there's some 200 companies that are based in China that actually have US traded ADRs that no longer face the acute threat of being kicked off US exchanges," said Art Hogan, chief market strategist at B. Riley Financial.
Washington and Beijing reached a landmark deal in August to settle a long-running dispute over auditing compliance of U.S.-listed Chinese firms. Authorities in China have long been reluctant to let overseas regulators inspect local accounting firms, citing national security concerns. The deal gave PCAOB right to full access to Chinese audit working papers with no redactions, the right to take testimony from audit company staff in China and sole discretion to select what companies it inspects.
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