3/24/2022, 7:42 PM (Source: TeleTrader)
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US: China audit deadlock resolution still not close - report

The United States Public Company Accounting Oversight Board (PCAOB) stated that investor hopes that the regulator is close to an agreement with Beijing that would enable audit inspections of US-listed Chinese companies were "premature," the Financial Times reported on Thursday.

According to people familiar with the issue, Beijing did argue for granting limited access to foreign accounting regulators, while still retaining to right to block access to any sensitive, national security-related information.

Due to the PCAOB's demand for full access to relevant audit documentation, it is likely that numerous Chinese companies will have to be delisted from the US unless Beijing makes further concessions in the course of the negotiations.

Baha Breaking News (BBN) / SP