PCAOB Completes First On-Site Audit Inspection

Bloomberg reported today that the U.S. Public Company Account Oversight Board (PCAOB) in Hong Kong has completed their first on-site audit inspection of Chinese stocks listed in the U.S. Per PCAOB’s announcement in August, the work was to begin in mid-September with determinations to be issued by year-end. Parties familiar with the matter state that the work in Hong Kong has concluded ahead of the originally scheduled mid-November end date, which could indicate that the process went more smoothly than anticipated. We will know more when the PCAOB files their initial report with key findings in the coming weeks.

Read the article here: https://finance.yahoo.com/news/us-audit-inspectors-finish-china-051258858.html

PCAOB’s August announcement: https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-signs-agreement-with-chinese-authorities-taking-first-step-toward-complete-access-for-pcaob-to-select-inspect-and-investigate-in-china