20 June 2019

KPMG hands over audit papers on China firms to US govt, WSJ says

KPMG International has handed over audit documents on Chinese firms to US regulators, a move that is expected to allow the US government to investigate potential accounting irregularities by US-listed Chinese firms, the Wall Street Journal reported Thursday. The handover is part of a US-China deal reached in May that allows the US access to audit firms’ documents about their Chinese clients, the report noted. KPMG has granted “controlled access, not full access, in cases where the governments agree,” Michael Andrew, Hong Kong-based chairman for KPMG, was quoted as saying. He declined to name the companies involved, the Journal said.

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