The US Securities and Exchange Commission (SEC) shook markets for US-listed Chinese companies last December when it charged the Big Four accounting firms and BDO with violations of US securities laws for refusing to give audit working papers to the SEC.
Opinion: Why the audit fight between regulators will hurt China
The Big Four accounting firms have ignored requests to submit auditing papers to the US Securities and Exchange Commission because it violates Chinese law, but as Paul Gillis points out, China will lose out unless a compromise is found
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