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Regulators have released the results of their first inspections of audits of U.S.-listed Analyses revealed “unacceptable deficiencies” in audits performed by KPMG’s Chinese arm and PricewaterhouseCoopers’ office in Hong Kong , according to the Public Company Accounting Oversight Board. deficiencies.” deficiencies. “At
Securities and Exchange Commission's chief accountant is warning China-based companies that they could face enforcement actions if they switch auditing firms in order to remain listed in the U.S. unless certain protocols are followed.
Remember the Holding Foreign Companies Accountable Act? Securities and Exchange Commission Chair Gary Gensler warned the world last year that the law, which took effect at the end of 2020, could start causing problems in the United States for China-connected companies. The post Auditing Showdown with China Nearing a Conclusion?
regulators and Chinese authorities over auditing standards, you’re probably not alone. About a year ago, Securities and Exchange Commission Chair Gary Gensler sounded the alarm over Beijing’s refusal to allow the Public Company Accounting Oversight Board to inspect its auditing firms, which he […]. The post U.S.
A year later, Kim Kardashian West appeared on a Tmall livestream with Chinese mega-influencer Viya Huang and sold out her perfume stock to an audience of 13 million viewers in less than 15 minutes, marking another one of many examples of the critical role that livestreaming has played in China’s robust e-commerce economy.
Some auditors in the Chinese affiliate of Big Four accounting firm Deloitte have apparently been taking a unique approach to their work. Rather than evaluating their clients’ financial reporting, they let the clients audit themselves, according to the Securities and Exchange Commission.
Customs and Border Protection (“CBP”) import audits resulted in over $44.6 Prior to CBP auditing you, there is a lot you can do to be proactive about import compliance. An ACE audit can identify duty-saving opportunities and open risks. billion in China 301 tariffs. In FY 2020 alone, U.S. ACE is a U.S.
Following the Public Company Accounting Oversight Board's first major enforcement actions against audit firms located in China and Hong Kong for violating quality control standards, China-based U.S.
The size and growth of the cosmetics market in China means that every international beauty brand must be looking at China. While China has not banned animal testing for all cosmetics, the new regulations provide a pathway for international cosmetic brands to enter the China market and remain cruelty-free.
Unfortunately, that’s what thousands of people in China, unknowingly, did. Would you eat a McDonalds Big Mac that was out-of-date, had been dropped on the floor, and made with a stranger’s bare hands? Me neither. As a result, over 2,000 McDonald’s outlets across Asia were dramatically affected. drop in sales. drop in sales.
A recent agreement between the Public Company Accounting Oversight Board and Chinese securities regulators opens the door for U.S.-listed listed companies audited by China-based accounting firms to continue trading on U.S. exchanges, but may also increase companies' enforcement risk, say attorneys at Morgan Lewis.
Three days after its low-key listing in the US on 30 June 2021, Didi Chuxing (hereinafter “Didi”) was investigated by the Cyberspace Administration of China (hereinafter “CAC”) based on the Chinese National Security Law and Measures for Cybersecurity Review. [1] The Didi event only shows the tip of an iceberg.
Reuters disclosed on July 24 that Beijing is threatening to pull regulatory approval for companies seeking to list on foreign securities exchanges if they use what is deemed to be overly harsh language in public filings about the risks of operating in China. Securities and Exchange Commission.
From imported cotton to TikTok, a host of contentious issues continue to complicate relations between the United States and China. Bans Founded in China in 2012 but now headquartered in Singapore, online retailer and fast-fashion behemoth Shein confidentially filed to go public in the U.S. Forced Labor, Thwarted IPOs, and U.S.
About 4 million of them are in Bangladesh, the second-biggest “ready-made garment” exporter in the world, after China. Eight years on, the fundamental problems in global supply chains – the disconnect between profits, accountability and responsibility – remains. This had been an accident waiting to happen. Compliance a charade.
Independence is the cornerstone of the law requiring corporations to have their annual financial statements and consolidated statements audited by independent accountants. Ebke: Prüfungs- und Beratungsnetzwerke und die Unabhängigkeit des Abschlussprüfers: Versuch einer europarechtskonformen Konturierung des § 319b Abs. 1 Satz 3 HGB.
The two weeks of webinars coincided with World Trade Month and included online presentations from U.S. federal agencies on current federal regulations and updates, classification, and essential import and export information. The series included sessions from U.S. The TTB is responsible for enforcing these rules for imported alcohol products.
Over the weekend, President Trump signed three executive orders imposing new tariffs on imports from Canada , Mexico , and China : 25% tariff on imports from Canada will take effect on February 4, 2025. 10% tariff on imports from China will take effect on February 4, 2025. Energy resources from Canada will have a lower 10% tariff.
This change builds on the pilot program conducted by FDAs Office of Inspection and Investigations Foreign Unannounced Inspection, which focused on drug manufacturing facilities in India and China. is safe, legitimate, and honestly made. Most FDA inspections of domestic facilities are unannounced, with limited exceptions.
Companies will need to take additional steps to ensure their due diligence processes account for potential human rights risks associated with forced labor in Xinjiang and elsewhere in the country. Leaked documents published by the New York Times in November 2019 reveal the cruel extent of the crackdown.
He also announced that China will face an additional 10% tariff starting March 4. On March 3, 2025, President Trump issued an Executive Order increasing tariffs on imports from China from 10% to 20%. 1321 for products from China subject to these additional tariffs. The Federal Register Notice for China can be found here.
He also announced that China will face an additional 10% tariff starting March 4. On March 3, 2025, President Trump issued an Executive Order increasing tariffs on imports from China from 10% to 20%. The Federal Register Notice for China can be found here. 1321 for products from China subject to these additional tariffs.
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