PCAOB

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After a decades-long impasse that led to a threat to kick about 200 Chinese firms off New York stock exchanges, PCAOB inspectors may soon get their first look under the hood of some of China's largest corporations.

PCAOB sanctions Canadian firm over noncooperation with inspections

The warning follows several businesses switching to U.S. auditors amid an ongoing dispute between regulators in Washington and Beijing.

PricewaterhouseCoopers pointed to progress in its audit practice on a number of fronts, including on inspections, training and diversity.

The board's target team of inspectors focused on special purpose acquisition companies, fraud, going concern issues, cash and cash equivalents during its inspections of auditing firms last year, according to a new report.

The PCAOB has picked some Chinese companies for the first batch of inspections after reaching a deal with China to end a decades-long impasse.

The Public Company Accounting Oversight Board levied $275,000 in penalties against KPMG's member firm in South Africa and two partners for improperly using and misreporting work done in Zimbabwe.

Under the agreement, inspectors will be able to see complete work papers without any redactions and select any issuer audits.

American officials would be able to review audit documents of Chinese businesses that trade in the U.S., a first step toward avoiding the delisting of about 200 firms from New York.

There were signs of improvement in terms of audit engagements and quality control systems.

At this rate, 2022 penalties will eclipse annual penalties levied in 2019, 2020 and 2021.

The board sanctioned the Big Four firm's member firm in South Korea and two of its former auditors for violating quality standards.

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.