[ad_1]
Senator Marco Rubio (R-FL) questions US Secretary of State Mike Pompeo at a Senate Foreign Relations Committee hearing on the State Department's request for a budget in Washington, DC, on May 10 April 2019. REUTERS / Erin Scott
WASHINGTON (Reuters) – A bipartisan group of US lawmakers introduced a bill on Wednesday to compel Chinese companies listed on US stock exchanges to submit to regulatory oversight, including giving them access to audits and audits. Other measures currently limited by Chinese law.
"Beijing should no longer be allowed to prevent Chinese listed companies from complying with US laws and regulations on transparency and financial accountability," Republican Sen. Marco Rubio said in a statement.
Democratic Senator Bob Menendez, who sponsored the bill, said: "It is time for the Chinese government to follow the same rules as US companies in our financial markets."
The US Securities and Exchange Commission and the Public Company Accounting Oversight Board issued a warning to investors last year about the difficulties US regulators face in controlling the work and practices of audit firms in the United States. China.
They said the PCAOB had encountered obstacles when inspecting the audit work of 224 US-listed companies, with a market capitalization of $ 1.8 trillion.
Chinese law requires that business books and records be kept and stored in China, and prohibit auditors' records of work done in China from being transferred to the outside of the country, they said.
David Alexander report; Edited by Lisa Shumaker
Source link
