China now requires the “Big Four” auditing companies of Deloitte Touche Tohmatsu, Ernst & Young, KPMG and PricewaterhouseCoopers to “localize” their staff in line with Chinese laws that specify the qualifications, age and experience of their management.
Mar. 2 – As their joint venture (JV) agreements in China approach their expiration dates, the Big Four global accounting firms had hoped that they would be allowed to extend the terms of their JVs. However, according to a variety of sources, Chinese authorities have been adamant in using the expiry milestone to force the […]
Oct. 20 – The United States, its financial regulators, and now its courts are locked in a battle with Chinese regulators over the provision of documents related to alleged fraud committed by Chinese companies listed in the United States. China’s financial regulators have forbidden the Big Four audit firms from releasing any documentation concerning Chinese […]
By Vivian Ni Oct. 14 – Despite efforts by the United States and China to seek closer cooperation on audit oversight, not much progress has been seen on the issue. During the U.S. Securities and Exchange Commission’s (SEC’s) ongoing probe of possible fraud at the Chinese financial software maker Longtop Inc., the company’s previous auditor […]