The Public Company Accounting Oversight Board (PCAOB) and the Securities and Exchange Commission (SEC) are currently trying to hash out an agreement on joint audit inspections with the Chinese.The PCAOB, which was created to polic auditors following the collapse of Enron, has so far been unable to grant its inspectors access to audit reports relating to Chinese businesses listed in the US.
James Doty, (pictured) chairman of the PCAOB, said there were 36 Chinese-based auditors issuing audit opinions but "have not performed the basic obligations," at a recent press conference Reuters reports.
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