Judge Rules US Big 4 Accounting Firms Cannot Perform Audit / Attestation for US Firms With Operations Solely / Primarily Based in China
Look it up. Then decide what is really going on. I'm sure the ruling will be appealed and eventually over-turned; however, this is about the only action the SEC can take and make stick other than going after execs and BODs if they really are in the U.S.
I lost money in FAB . If you don't know accounting, this ruling may not seem like much. If you do know, this isn't a red flag (no pun intended), it is a burning castle.
if true this isn't good news.....would be curious as to why the judge ruled this way........is it because they don't get proper access to the records?......it is becoming more and more apparent you don't want to do business with a smaller public company that relies solely on revenues from China.....it seems to me its better to have them manufacture things that are resold outside the country than to rely on revenues generated within the country.....anyway.....if Big 4 can't do audits there than who will be doing independent verifying?