SEC charges Chinese units of big U.S. accounting firms
Excerpt:WASHINGTON Federal regulators have charged the Chinese affiliates of five of the biggest U.S. accounting firms with impeding the government's investigation of Chinese companies by refusing to turn over documents. The Securities and Exchange Commission said Monday it has started proceedings against the Chinese affiliates of all so-called Big Four accounting firms, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers, and a fifth major firm, BDO. Hundreds of Chinese companies trade on U.S. stock exchanges. The SEC has been investigating many of them for possible accounting fraud. The agency says the accounting firms, which audit Chinese companies, have refused to cooperate in investigations of nine companies and to provide documents. The Chinese affiliates of the firms, which are subject to Chinese law, say they cannot hand over the documents because the Chinese government won't allow them to do so and could penalize them if they do.
People:
Robert Khuzami
Overall Sentiment: -0.0138648
Relevance: 0.403609
| Sentiment | Quote |
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| 0 | "Firms that conduct audits knowing they cannot comply with laws requiring access to these work papers face serious sanctions," he said ... |
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Touche Tohmatsu
Overall Sentiment: 0.232664
Relevance: 0.396338
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| -0.22701 | "While it is unfortunate that the two countries have not yet been able to find common ground on these issues, we remain hopeful that a diplomatic agreement can be reached," Deloitte Touche Tohmatsu said ... |
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Additional Info:
Organization: Chinese government
Overall Sentiment: -0.0742382
Relevance: 0.95836
Organization: Securities and Exchange Commission
Overall Sentiment: 0.0619442
Relevance: 0.699074
Disambiguation: GovernmentAgency | GovernmentalBodyReferences:
Organization: government
Overall Sentiment: -0.330959
Relevance: 0.397752
Company: BDO
Overall Sentiment: 0
Relevance: 0.562343
Disambiguation: References:
Company: Ernst & Young
Overall Sentiment: -0.156608
Relevance: 0.450389
Company: PricewaterhouseCoopers
Overall Sentiment: -0.0557384
Relevance: 0.426929
Company: KPMG
Overall Sentiment: -0.0866773
Relevance: 0.399718
Disambiguation: References:
Company: WASHINGTON Federal
Overall Sentiment: 0.0526445
Relevance: 0.374021
Country: U.S.
Overall Sentiment: 0
Relevance: 0.692615
Disambiguation: Location | Region | AdministrativeDivision | GovernmentalJurisdiction | FilmEditorReferences:
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Source Webpage: SEC charges Chinese units of big U.S. accounting firms
- accounting firms
- accounting fraud
- bdo
- chinese affiliates
- deloitte
- ernst & young
- kpmg
- pricewaterhousecoopers
- SEC
- u.s. securities and exchange commission
Webpage Provided Desc:
SEC has been investigating many Chinese companies that trade on U.S. stock exchanges for possible accounting fraud
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SEC charges Chinese units of big U.S. accounting firms
Source Webpage: SEC charges Chinese units of big U.S. accounting firms
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