The U.S. audit watchdog said Chinese companies gave them complete access to auditing disclosures, lifting a cloud that has hovered over U.S.-listed Chinese stocks including
Alibaba Group Holding,
Public Company Accounting Oversight Board Chair Erica Williams in a press briefing on Thursday said this was the beginning, not end of its work, and is asking for complete access and is making plans to resume inspections next year.
She said that while the news shouldn’t be construed as a clean bill of health for firms, auditors are now able to perform full and thorough investigations to root out problems.
“For the first time in history, the PCAOB has secured complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong,” she said, adding that there were no loopholes.
(This is a developing story. Check back soon for more detail.)
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