As Chinese Stocks Surge, U.S. Signals Hard Line on Delistings
- Watchdog, key senators demand full access to audit work papers
- China’s shares jumped as Beijing signaled support for markets
This article is for subscribers only.
The U.S. accounting watchdog is insisting that Beijing provide complete access to audits of Chinese companies that trade in New York, setting a high bar for any deal that allows the firms to maintain their American listings.
Public Company Accountability Oversight Board inspectors must have the same visibility into Chinese audit work papers as they get for businesses based in other countries, the watchdog said in a statement Wednesday. The PCAOB added that it remains “actively engaged” in seeking to resolve a long-running standoff with Chinese officials over the inspection requirement, which applies to all companies whose shares trade in the U.S.