US audit watchdog moves closer to enforcing law that could see Chinese companies delisted
Traders work on the floor of the New York Stock Exchange.
Synopsis
For long, China has been reluctant to allow the US regulator to inspect the audits of US-listed Chinese firms. A new set of rules will make it easier for the regulator to determine whether it has been unable to completely inspect a foreign audit firm. This could trigger the delisting of Chinese companies whose audits cannot be inspected.
By Tang Ziyi The U.S. auditing regulator has proposed new rules that would help it implement a recent law that could trigger the delisting of Chinese companies whose audits cannot be inspected by the watchdog. The proposed rules, released by the Public Company Accounting Oversight Board (PCAOB) on Thursday for public comment, provide a framework that would make it easier for the regulator to determine whether it has been unable to completely
BY
Caixin Global
4 mins read
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