U.S. regulators seeking greater access to audits of Chinese firms are pushing Beijing’s top securities watchdog to resume talks on cooperation, said James Doty, chairman of the Public Company Accounting Oversight Board.
The Big Four accounting firm Deloitte & Touche LLP took a beating in the news media last week after its regulator unsealed a confidential portion of an inspection report about its audit work. Articles focused on the parade of horribles found with Deloitte’s quality controls.
U.S. regulators, in a move to sanction auditors for blocking investigations at China-based companies, have set a course that jeopardizes the listing of more than 100 stocks from the world’s most populous nation.
The Securities and Exchange Commission’s fraud case against New Jersey may presage a wave of lawsuits seeking to crack down on misdeeds by public officials who raise money in the $2.8 trillion municipal bond market.
Chinese affiliates of the four largest accounting firms plan to file an appeal to U.S. regulators as soon as today to reverse an administrative judge’s decision to bar them for six months after they stymied investigations of possible accounting fraud.
A federal judge yesterday refused to immediately endorse a settlement between the U.S. and a bank for a third time in a year, calling a proposed $298 million fine of Barclays Plc for trading with Iran, Cuba and Sudan “a sweetheart deal.”