China Never Barred Companies From Handing Over Audit Working Papers to U.S., Securities Watchdog Chief Says

China Never Barred Companies From Handing Over Audit Working Papers to U.S., Securities Watchdog Chief Says

“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.

Trump Just Fulfilled His Billionaire Pal’s Dream

Trump Just Fulfilled His Billionaire Pal’s Dream

As news cycles were consumed by Trump deliberately inflaming social unrest and threatening a domestic military invasion, the president’s political appointees were approving a regulatory change that could transfer hundreds of billions of dollars of Americans’ retirement savings to private equity firms. Those are the Gordon Gekko–run outlets that have become famous for fleecing investors, laying off workers, gutting local economies, strip-mining media outlets and creating public health and environmental disasters — all while minting Wall Street billionaires.

The Trump administration’s new directive came just a few months after private equity billionaire Stephen Schwarzman — who had been pushing for the change — poured $3 million into a super PAC backing Trump’s reelection bid.