![]() "We believe the two sides will be able to jointly work out cooperation arrangements that comply with the legal and regulatory requirements of both countries in an expedited manner.” "Recently, the CSRC and Ministry of Finance have been engaging with the PCAOB and made positive progress," he continued. regulator’s inspection and investigation of PCAOB-registered accounting firms headquartered in China through regulatory cooperation, which is in line with international common practices." ![]() We have always held an open attitude and upheld the spirit of cooperation, and are willing to resolve issues related to the U.S. However, we stand firmly against politicizing securities regulation. We respect the actions taken by overseas regulators to enhance oversight of relevant accounting firms so as to improve the quality of financial disclosure by listed companies. We have made clear our position on the implementation of the HFCAA in previous statements. ![]() “This is a step taken by the US securities regulator to implement the HFCAA and relevant rules. “We have taken note of this development,” said the official. The Securities and Exchange Commission released the names of five companies last week whose shares are subject to delisting: fast food provider Yum China Holdings, technology company ACM Research, biotechnology developers BeiGene and Zai Lab, and pharmaceutical maker Hutchmed.Īn official at the China Securities Regulatory Commission was asked last week about the development and said the CSRC and China’s Ministry of Finance are making “positive progress” in talks with the PCAOB. If the PCAOB is unable to inspect the firm for three years in a row, its securities are banned from trading on a U.S. They must make the certification if the PCAOB is unable to audit specified reports because the issuer has retained a foreign accounting firm not subject to inspection by the board. Resistance to allowing PCAOB inspectors to inspect auditing firms in China has been a long-simmering problem, and in 2020 Congress passed the Holding Foreign Companies Accountable Act, which requires issuers to prove they’re not owned or controlled by a foreign government such as China. capital markets, after the Securities and Exchange Commission threatened to suspend listings of five Chinese companies. It is truly the only employer experience where I walked into the door feeling a confident professional and left questioning my skills.The Public Company Accounting Oversight Board is reportedly making progress in talks with Chinese authorities on enabling access to inspections of firms in that country that audit companies whose shares trade on the U.S. This fear paralyzes you and prevents you from being effective in your role. Fear of being publicly shamed by my leader to peers. Fear of what you may ask? Fear of being fired. I had never worked for an organization where I my day to day work existence was shrouded in fear. Why do I say this? If they cared, they would be more cognizant of how they treat direct reports, peers and colleagues. Most managers are only concerned about the image of the organization, but care very little about the people who actually work at the organization. There is poor management at most levels and there is little to no accountability for poor decision making. It is very much like the government, because there is A LOT of bureaucracy. Wouldn't it be nice to work for an organization that was on one accord.NOT HERE! Everyone is so busy fighting for their piece of the pie or gaining political favor rather than serving the interest of investors. There is a lot of in fighting within your own team and within the divisions. The culture is like the TV program Survivor.
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