“As long as the U.S. side is truly willing to solve the problem, we can definitely find a way for China and the U.S to cooperate on audit regulation,” Yi said in the interview.
On May 20, the U.S. Senate approved legislation that would ban any company from being listed on any U.S. securities exchange if the Public Company Accounting Oversight Board (PCAOB), an auditing regulator, is unable to inspect the auditor that prepares the company’s financial reports for three years in a row. Although it applies to all foreign companies, the bill is clearly targeted at China.
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