Thanks to the current Administration for Making future possible Frauds and Misrepresentation Not the norm in the U.S.
I believe the SEC is onto something. Auditing documents must be disclosed in the US if you want to take U.S. hard earned money! No financial auditing disclosure to general public, then no listing for your company. I believe this is a fair rule, and this makes the playing field even for all companies, domestic and international alike.
Kudo to SEC and the Administration, this needs to be done, pronto!
Will SEC Crossfire Affect Chinese Companies Trading in the U.S.?
By Dan Ritter | More Articles
December 05, 2012
Page 1 of 2
On December 3, the United States Securities and Exchange Commission “began administrative proceedings against the China affiliates of each of the Big Four accounting firms and another large U.S. accounting firm for refusing to produce audit work papers and other documents related to China-based companies under investigation by the SEC for potential accounting fraud against U.S. investors.”
These firms — the Chinese affiliates of Deloitte, Ernst & Young, KPMG, PwC, and BDO — are violating U.S. laws that state they must provide auditing documents to the SEC for foreign companies listed on U.S. exchanges. These companies include Baidu, Inc. (NASDAQ:BIDU), Qihoo 360 Technology Co. Ltd. (NYSE:QIHU), Sina Corporation (NASDAQ:SINA), and Renren Inc. (NYSE:RENN), all popular stocks among investors.