Audit

The board said Thursday that it is still meeting with Chinese authorities to discuss the ability to inspect auditing firms in that country.

UHY Advisors chairman and CEO Steve McCarty has presided over the firm growing its revenue in the past two years by approximately 25%, from $181 million to $225 million, as the firm also pursues merger deals.

The Public Company Accounting Oversight Board issued a Spotlight publication Monday containing some observations and reminders for auditing firms about relying on outside service providers for electronic audit confirmations.

The service is outmatched in resources and expertise when it audits some of the largest companies in the country, the agency’s top official said.

The IIA is repositioning to embrace areas like environmental, social and governance reporting and other issues.

A Munich court opened a class-action style procedure to hear cases brought by investors who claim EY violated its duties when auditing the now bankrupt payment company.

The board is reportedly making progress on talks with Chinese authorities on enabling access to inspections of local firms.

China and the U.S. should be able to reach an agreement on the auditing dispute, according to a senior executive at China’s top investment bank.