Audit Quality and Investor Protection under the Holding Foreign Companies Accountable Act
Oct 26, 2022
The Securities and Exchange Commission (SEC) published a statement by acting chief accountant Paul Munter regarding audit quality and investor protection under the Holding Foreign Companies Accountable Act.
In light of uncertainty involving the PCAOB's recent agreement with Chinese authorities, certain China- and Hong Kong-based issuers may be attempting to structure audit engagements with registered public accounting firms located either in the U.S. or elsewhere to avoid the potential of consecutive PCAOB HFCAA determinations and a potential resultant trading prohibition.
Review the statement on the SEC's website.