- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-07-14T19:09:00
Chinese businesses identified as noncompliant with the Holding Foreign Companies Accountable Act are trying a variety of strategies to circumvent or comply with the law before they are delisted from U.S. exchanges.
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The Public Company Accounting Oversight Board announced it received “complete access to inspect and investigate” audit firms in China and Hong Kong, potentially averting the delisting of hundreds of Chinese public companies from U.S. exchanges.
U.S. audit regulators are set to end yearslong inspection barriers to the work of public accounting firms headquartered in mainland China and Hong Kong after the Public Company Accounting Oversight Board reached agreement with Chinese regulators on a new access framework.
Technology giant Baidu is the latest high-profile Chinese company to be warned by the Securities and Exchange Commission of potential delisting under the Holding Foreign Companies Accountable Act.
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
