PCAOB

The board aims to modernize standards, enhance inspections, strengthen enforcement and improve organizational effectiveness.

Gary Gensler has been encouraging the PCAOB to update more of the standards to take into account the way firms are working today.

Five of China's largest state-owned companies announced plans to delist from U.S. exchanges as the two countries struggle to come to an agreement allowing American regulators to inspect audits of Chinese businesses.

Erica Williams is throwing cold water on a workaround that’s been floated as a way to avoid delisting of Chinese companies from U.S. stock exchanges.

The board's chair, Erica Williams, said the PCAOB is working on updated auditing standards and stricter enforcement and inspections.

Regulators from the two countries have been locked in negotiations over granting U.S. auditor watchdogs complete and open access to the audit work papers of about 200 Chinese companies.

The PCAOB is being urged to update older standards more quickly.

The clock is ticking to avoid a 2024 deadline for kicking businesses off the NYSE and Nasdaq unless U.S. regulators get full access to inspect their audit work papers.

The board has given $19 million in awards since 2011.

U.S. and Chinese officials have been negotiating for more than two years to ensure staff from the PCAOB can access the audit papers of Chinese companies traded in the U.S.