- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jaclyn Jaeger2020-04-09T18:24:00
Scathing reports against China-based Luckin Coffee and iQIYI both alleging fabricated revenues are the latest examples of a much broader accounting and auditing problem in the United States.
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China-based Luckin Coffee has agreed to a $180 million penalty as part of a settlement with the U.S. Securities and Exchange Commission to resolve charges related to the coffee chain’s inflated-sales scandal.
China’s market competition regulator announced a fine of 61 million yuan (U.S. $9 million) against Luckin Coffee and a group of affiliated firms in response to the coffee chain’s inflated sales scandal.
In an attempt to end the stalemate over audits of publicly traded Chinese companies listed on U.S. exchanges, China has reportedly proposed to allow U.S. regulators to conduct a trial joint inspection of a state-owned enterprise.
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after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.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.
