U.S. regulators have long sought more transparency from Chinese companies with shares trading on U.S. exchanges.
U.S. regulators have long sought more transparency from Chinese companies with shares trading on U.S. exchanges, but Chinese authorities have resisted their demands.
The Securities and Exchange Commission wants you to know more about what is happening with Chinese companies that list in the United States. The regulators also want you to know that they are having a really hard time finding out exactly what is going on. One particularly weak point stands out: auditing procedures. The Sarbanes-Oxley Act of 2002 established the Public Company Accounting Oversight Board. It required that every domestic and foreign accounting firm that issues audit reports for companies that report to the SEC register with the board. The board is required to periodically inspect registered firm audits of U.S. public companies, including those done by foreign firms.
This roundtable should be viewed as part of a continuing effort to build a case against China's recalcitrance, according to Roger Silvers, an accounting professor at the University of Utah who previously worked for the SEC, and who submitted comments to the roundtable.
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