U.S. watchdog says it found unacceptable problems with Chinese company audits

Apparently hundreds of companies are about to be de-listed.

Original Source:

https://www.reuters.com/markets/us-watchdog-says-it-found-unacceptable-problems-with-chinese-company-audits-2023-05-10/

WASHINGTON, May 10 (Reuters) – A U.S. accounting watchdog found unacceptable deficiencies in audits of U.S.-listed Chinese companies performed by KPMG in China and PricewaterhouseCoopers in Hong Kong, the government agency said on Wednesday.

The U.S. Public Company Accounting Oversight Board (PCAOB)published the findings of its inspections after gaining access to Chinese company auditors’ records for the first time last year following more than a decade of negotiations with Chinese authorities. That access kept roughly 200 China-based public companies from potentially being kicked off U.S. stock exchanges.