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People's Daily Online>>China Business

US proposes ban on Chinese auditing firms (2)

By Zhou Xiaoyuan (People's Daily Overseas Edition)

11:19, November 25, 2011

"Force-out" to ultimately hurt US

However, it is difficult to actually implement the "disciplinary actions" against Chinese auditing firms proposed by Schumer because the institutional troubles faced by Chinese concept stocks have attracted attention from Chinese and U.S. supervisory departments.

Earlier, the U.S. Securities and Exchange Commission and the U.S. Public Company Accounting Oversight Board were in talks with the Chinese Securities Regulatory Commission and the Ministry of Finance in July to exchange views on strengthening cross-border audits and supervision. However, the U.S. oversight board had expected to enter the Chinese mainland to make on-site inspections of Chinese auditing firms, which is undoubtedly unacceptable to China. In accordance with China's achievements and secrets laws, China has yet to permit such cross-border inspections.

Zhang Lianqi, vice general manager of RSM China, said that if the U.S. Public Company Accounting Oversight Board prevents Chinese auditing firms from auditing Chinese companies listed on U.S. markets due to China's refusal to allow inspections of Chinese auditing firms, it will become a serious event involving sovereignty and the violation of international cross-border oversight practices. However, if the United States imposes "force-out" measures against Chinese accounting firms, it will not only dampen the efforts to solve the issue, but it will also ultimately hurt itself, Zhang said.

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Leave your comment6 comments

  1. Name

joe at 2011-11-2871.239.22.*
you want to be listed in the US, you play by the rules. when you go to a guest"s house you respect their rules. common sense.
PD User at 2011-11-2780.94.16.*
2011-11-26.All the flower of corrupt's financier another way thief how specialist for auditing chinese company?Real support for chinese economy for West.China should welcome their as splendid material education for Police chinese.Said and a true on west to take up audinting backhander's and intelligency their boss's.Deep problem economy west and cause crisis.Thief's and officer western security to decide a auditing's.Last the polish example's former boss a such FBI finally charge a backhander's by auditing he to create the polish economy and justice privatization.People which as specialist to persecute worker's to become creator economy by aplause UE.He to have bad luck boss BDN,CIA at present to have happiness the thruth mister Panetta?Thank's for coffe.
stevelaudig at 2011-11-2696.44.173.*
Schumer is a well-bribed err I mean well-contributed to Senator from the State of Wall Street. As if U.S. accountancy has anything in its favor such as the Savings and Loan Scandal; Enron; Madoff; Depression 2.008. Anyone else favor executing fraudsters and bribeists?
Canada at 2011-11-2670.36.49.*
If the U.S. accounting/auditing is so good how do they explain Bear Sterns, Lehman Bros., AIG, Fannie Mae, Freddie Mac, Bank of America, Merril Lynch, Goldman Sachs & others that just about brought down the financial system?
Ms. Grant at 2011-11-26206.15.88.*
Absolute tripe Mr. Commenter. Here is the US just because someone signs off on the books does make the ledger legitimate. I have one word for you Enron..wait I have another word for you Lehman Brothers...oh and another one Bear Stearns...wait...Maddoff...MF Global. All their books said they were sound. The US needs to stop vilifying China!

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