'Big Four' Ruling May Hamper US-China Audit Progress

Law360, New York (January 23, 2014, 7:29 PM EST) -- A harshly worded Wednesday ruling barring the Big Four accounting firms' Chinese units from auditing companies doing business in the U.S. may make it far harder for U.S. securities officials to reach a vital accounting fraud enforcement pact with Chinese regulators. 

The ruling by a U.S. Securities and Exchange Commission administrative law judge could essentially cut off Chinese companies from listing their securities in the U.S. by making it impossible for them to get required audits after the firms refused to turn over documents to U.S. securities regulators.

But it also...
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