and audited by Deloitte’s Chinese unit. Chinese security law blocked Deloitte China and other auditors from cooperating with investigations even as owners of U.S. stocks lost their shirts, with little recourse.
In 2020, U.S. legislators passed a law to evict any foreign firm whose auditor does not allow the Public Company Accounting Oversight Board to double-check its books by 2024. The overwhelming majority of violators are Chinese. State-owned firms began to proactively exit this month while some private companies like AlibabaRegister now for FREE unlimited access to Reuters.
Source: News Formal (newsformal.com)
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