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What Sarbanes-Oxley required is that all accounting firms be inspected by the PCAOB at least every three years. Both the Public Company Accounting Oversight Board and the SEC have been chipping away at this trying to reach an agreement with China for years now without much success. This has been a long standing barrier to the regulators watchdog role, which is to keep tabs on the auditors of public companies trading here in the US. audit regulator has not been able to access the work papers of Chinese auditors. Paul, thank you for joining me today to talk about China and auditing. So what’s being done? I spoke with Paul Gillis who teaches at Peking University School of Management in Beijing about why this issue has resurfaced suddenly and what’s likely to happen next.
TAKE AS NEEDED IN CHINESE CRACK
Some members of Congress are worried to and introduced legislation in June that would crack down on China if Beijing doesn’t let U.S. The Securities and Exchange Commission raised concerns about the PCAOB’s lack of access in China and the possible risks last year. It was born out of the Enron and WorldCom accounting scandals regulated the audits of publicly traded companies in the US and created the Public Company Accounting Oversight Board to serve as the industry’s watchdog, but the board isn’t able to inspect the work of auditors based in China and that lack of oversight increases the chance of fraud and could put investors money at risk. More than 200 Chinese companies are registered to trade in the US but unlike domestic companies, these companies are able to skirt a key investor protection in U.S.