Over a dozen Chinese companies listed on US stock exchanges have switched from domestic auditors to ones in the US and Singapore over the past year and a half, according to a report by Nikkei, which notes that a US law passed in 2020 requires the books of all Chinese firms listed in the US to be audited by officials from the Public Company Accounting Oversight Board (PCAOB).
With Chinese officials agreeing last year to allow PCAOB auditors to inspect accounts of the 174 Chinese firms listed in the US, 24 have changed auditors since 2022, according to an analysis of corporate filings by Nikkei, which said 15 had switched from accounting firms in China or Hong Kong to ones in the US or Singapore.
Read the full report: Nikkei Asia.
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