1 month ago
Insurance Journal
Chinese authorities have urged state-owned firms to phase out using the four biggest international accounting firms, signaling continued concerns about data security even after Beijing reached a landmark deal to allow US audit inspections on hundreds of Chinese firms listed in New York. The US Securities and Exchange Commission on Wednesday declined to comment on Chinese authorities’ move on accounting firms. Generally, SEC rules don’t require companies to work with one of the Big Four accounting firms. But companies must use accounting firms registered with the US Public Company Accounting Oversight Board, an auditor watchdog agency overseen by the SEC. Several big state firms including China Eastern Airlines Corp., China Life Insurance Co. and Petrochina Co. have voluntarily applied to delist from the American exchanges.
Continue reading...
