US senator seeks discipline for Chinese auditing firms
- By Yang Xi
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China.org.cn, November 23, 2011
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A U.S. senator is calling on federal auditing watchdogs to discipline Chinese auditors that refuse to submit to U.S. inspections. [File Photo] |
A U.S. senator is calling on federal auditing watchdogs to discipline Chinese auditors that refuse to submit to U.S. inspections, U.S. media reported Tuesday.
The accounting board should suspend or revoke its registration of Chinese auditors that it has been blocked from inspecting, Charles Schumer, a prominent Democrat on the Senate Banking Committee, said in a Nov. 22 letter to James Doty, the chairman of the Public Company Accounting Oversight Board
The U.S. will take action if the Chinese government continues to obstruct the board's inspection of registered Chinese audit firms, Doty said.
China's Ministry of Finance maintains the inspection of registered China-based audit firms should be carried out by Chinese oversight agencies.
Chinese agencies can report the result of reviews to U.S. authorities, but direct review of Chinese auditors by the U.S. audition watchdog would be unacceptable, an official with the ministry said.
China's business press carried the story above on Wednesday.
