US regulator's bid to keep watch on audits of China firms falls through
Washington
A KEY accounting safeguard intended to protect US investors who buy shares of Chinese companies is close to unravelling. Last month, a final agreement that would have allowed a US regulator to examine the audits of Chinese companies listed on American stock exchanges fell through, according to two people with knowledge of the matter.
The failed negotiations are a setback for the Public Company Accounting Oversight Board, a Washington-based watchdog that has sought access to Chinese audits for years as dozens of companies such as JD.com and Alibaba Group Holding raised billions of dollars from US investors.
The impasse is also a blow to PCAOB chairman James Doty, who said in June that his agency was "very close" to reaching an accord. The regulator's inspectors had expected to start travelling to China this year to examine the a…
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