SEC decision does not materially affect U.S. companies, says Maxim

theflyonthewall.com

Maxim notes that on Wednesday, a judge of the SEC ruled that the China affiliates of the top four U.S. accountancy firms had violated the Sarbanes-Oxley Act and that they should be barred from practicing in the U.S. for six months. The firm believes the auditing process of U.S.-listed Chinese companies will most likely maintain status quo and does not expect a material impact on the China-based companies it follows, namely Baidu (BIDU), Qihoo 360 (QIHU), SINA (SINA), Youku Tudou (YOKU) and Renren (RENN).

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