US top auditor visits China for inspections

The head of the US audit watchdog visited China for the first time last week to observe inspections of accounting firms and meet senior financial regulators, reports Caixin. This comes as Washington steps up scrutiny of a bilateral audit oversight agreement.

Public Company Accounting Oversight Board (PCAOB) Chairman Demetrios Logothetis spent four days in China, observing inspections in Shanghai and meeting China Securities Regulatory Commission Chairman Wu Qing and Vice Minister of Finance Guo Tingting in Beijing on October 14, the board disclosed on Wednesday.

The visit highlights efforts to sustain a 2022 agreement that gave US inspectors full access to Chinese companies’ audit records, averting the threat of forced delistings from US exchanges.