Senator Calls on Watchdog to Bar Chinese Accounting Firms Resisting Oversight
On November 22, 2011, Senator Schumer (D-NY) called on a U.S. audit watchdog to deregister Chinese accounting firms that continue to resist independent regulatory inspections. In a letter to the Public Company Accounting Oversight Board (PCAOB), Schumer said PCAOB needs…
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to take a harder line with China and exercise its enforcement authority against Chinese audit firms that have not submitted to independent regulatory review. According to Schumer's press release, the Senator's call for action comes after 24 companies doing business in China reported auditor resignations and accounting irregularities in a two-month span earlier this year.