U.S. multinationals fear fallout from U.S.- China audit row

Comments (6)
esoclectica wrote:

Why should anyone be surprised that a country which lives by bribes and falsified records refuses to allow the records of companies audits to be seen. Just another case of China stealing and cheating on the economic stage. No different from the government sponsored intellectual property theft, trademark and patent infringementsw and continual corporate espionage attempts. It really is time to draw a line in the sand and enforce our own laws.

Dec 07, 2012 1:50am EST  --  Report as abuse
fromthecenter wrote:

@esoclectica TOTALLY AGREE!

Dec 07, 2012 3:44am EST  --  Report as abuse
scythe wrote:

(quote) “prevented by state secrecy laws from releasing audit papers to U.S. regulators …. the auditing groups themselves are set up as global networks of legally separate, national affiliates (to protect their clients from audit disclosures).”

these are corrupt practices, typical for fascist totalitarian governments such as the one party communist china

and the american corporates should be ashamed they covertly support these practices by bleating

wolves in sheep clothing

Dec 07, 2012 4:27am EST  --  Report as abuse
Mott wrote:

“If these five accounting firms are barred from practicing before the SEC, it seems certain that companies with major Chinese operations will find it difficult or impossible to find accountants”

What?

They are just the big five where they are being held accountable for their fraudulent practices.

There are hundreds other that are happy to take their position.

Dec 07, 2012 9:48am EST  --  Report as abuse
StigTW wrote:

This row is actually about China trying to break the stranglehold of these big Accounting Firms, it started last year if I’m not mistaken by requiring their respective chinese boards have min number of chinese citizens when operating in China.
Personally I think if anyone prevent domination from these firms more power to them, they’ve been responsible for so much financial detriment to others (and their own personal gain) particularly in the US they could do with a reality check.

Dec 07, 2012 1:34pm EST  --  Report as abuse
UauS wrote:

wrong timing, wrong side…

the audits – of the US corporations! – should’ve started about 25 years ago, when they began mass outsourcing of US jobs and technology so that they could use almost slave-like workforce in China and elsewhere to make super-profits for their board members and justify their inability to see the future and manage properly.

Dec 07, 2012 2:01pm EST  --  Report as abuse
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