ChinaBio(R) LLC Release: Big Four Accounting Firms Face Six-Month Suspension In China
1/24/2014 9:15:13 AM
by Richard Daverman, PhD
January 23, 2014 -- A US judge ordered the Big Four accounting firms to suspend China operations for six months. The problem? A conflict between US and China legal systems. US regulators want to see working documents from audits of China companies that may involve fraud. In the US, the Securities and Exchange Commission has the right to see those documents, but in China, they are declared secret. The Big Four, operating under China rules, cannot provide them. The order affects China companies that are listed in the US. In life science, this means WuXi PharmaTech and Mindray Medical. More details....
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