19 August 2019

Accounting firms to appeal SEC ruling on China ops, Xinhua says

The Big Four global accounting firms said on Thursday they plan to appeal against a ruling by the US Securities and Exchange Commission (SEC) recommending the suspension of the firms’ China units for six months, Xinhua news agency reported. Deloitte, Ernst & Young, PriceWaterhouseCoopers and KPMG were quoted as saying in a joint statement that they seek to initiate a review by the SEC without delay. On Wednesday, an SEC administrative law judge ruled that the Chinese units of the accounting firms should be suspended from auditing US-traded companies for six months. The firms broke US law when they refused to turn over documents about some of their clients to the SEC, the judge ruled.

– Contact HKEJ at [email protected]


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