Arab Today, arab today us judge suspends chinese units of big 4 auditors
Last Updated : GMT 00:29:37
Arab Today, arab today
Arab Today, arab today

US judge suspends Chinese units of Big 4 auditors

Arab Today, arab today

Arab Today, arab today US judge suspends Chinese units of Big 4 auditors

Washington - AFP

A US judge has ordered Chinese units of the "Big Four" global accounting firms to be suspended from auditing US-traded companies for six months, saying they had "wilfully violated" US laws. The 112-page ruling by US Securities and Exchange Commission (SEC) administrative law judge Cameron Elliot could temporarily leave more than 100 Chinese companies quoted on US markets without an auditor and unable to trade. The auditors and a fifth China-based accounting firm fell foul of the law by refusing to turn over documents about some of their clients to the commission, which wanted help in a fraud probe, Elliot ruled. The ruling does not take effect immediately and the companies plan to launch an appeal with the SEC. “The firms note that the decision is neither final nor legally effective unless and until reviewed and approved by the full US SEC Commission. The firms intend to appeal and thereby initiate that review without delay,” they said in a joint statement. If the ruling stands, not only will the Chinese companies be left with no auditor but it could also hamper the audits of US multinationals with significant operations in China. This is because the Chinese affiliates of the Big Four -- Price Waterhouse Coopers, Deloitte Touche Tohmatsu, KPMG and Ernst & Young -- often help their US sister firms complete those audits. Without audited financial statements, a company cannot sell securities in the United States or remain listed on the country's exchanges. "This is a body blow to the Big Four," said Paul Gillis, a Beijing-based professor at Peking University's Guanghua School of Management. "It's really quite a harsh ruling," he told Dow Jones Newswires. The SEC hailed the ruling, saying it upheld the commission's authority to obtain records that are "critical to our ability to investigate potential securities law violations and protect investors". The fifth firm, Dahua CPA, was censured by Elliot but not suspended. Dahua was an affiliate of another large accounting firm, BDO, until last year although they are no longer linked. The SEC had sought audit work papers from the firms to assist its investigations of more than 130 Chinese companies trading on US markets that have been subject to accounting and disclosure questions in the past few years. Many of those companies have their independent audits performed by theChinese affiliates of the Big Four. The SEC had wanted to know more about what the auditors had found about the companies. But the Chinese firms refused to turn over the documents, saying Chinese law treats the information in such  documents as "state secrets".

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us judge suspends chinese units of big 4 auditors Arab Today, arab today us judge suspends chinese units of big 4 auditors

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us judge suspends chinese units of big 4 auditors Arab Today, arab today us judge suspends chinese units of big 4 auditors

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Italy regions back 'big bang' autonomy

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Trump: End of Daesh is in sight

GMT 20:29 2017 Monday ,23 October

Trump: End of Daesh is in sight
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Lost Australia diver swam miles

GMT 19:09 2017 Monday ,23 October

Lost Australia diver swam miles
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla to build wholly-owned plant

GMT 07:55 2017 Monday ,23 October

Tesla to build wholly-owned plant
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Rogina happy for reactions to “The Flood”

GMT 09:30 2017 Friday ,20 October

Rogina happy for reactions to “The Flood”
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:07 2017 Sunday ,22 October

15,000 Under Fives Die

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday