China Shares The Opportunity To Negotiate "Four Big" Talks With SEC.

< p > the SEC document obtained by reporters also shows that the SEC law enforcement representative, Dahua accounting firm has agreed to the extension application. In fact, the application for extension is mainly aimed at easing the fierce conflict between the two sides. In January of this year, SEC judge ruled that the Chinese members of the four major accounting firms should suspend the US business for 6 months, because these companies deliberately "did not provide relevant audit documents" when the us a href= "http://www.91se91.com/news/index_c.asp" > the regulatory body < /a > investigated the accounting fraud problem of Chinese enterprises.

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< p > after the relevant ruling took place, the above-mentioned members made an appeal on this issue, and also allowed the suspension of the 6 month business suspension to be postponed. But if the judgment was finally implemented, the result would be disastrous, because it would directly lead to many Chinese Listed Companies in the United States that did not have audit reports of accounting firms, and at the same time, some multinational companies employing four big auditing firms in China would also be affected.

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In May 10th P, the situation changed. At that time, < a href= "http://www.91se91.com/news/index_c.asp" > SEC < /a > agreed to hear the appeal of the four big accounting firms on their respective businesses in China and refused to submit the audit client working papers to SEC.

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In the past two years, the Sino US regulatory turmoil has caused the attention of the regulators in the United States. The SEC subsequently strengthened the investigation of overseas listed companies, especially through the reverse takeover of Chinese listed companies. In 2011, the SEC subpoenas of Shanghai, DDT, asked the latter to provide relevant documents on suspicion of financial fraud with Southeast finance. DDT said that China's < a href= "http://www.91se91.com/news/index_c.asp" > confidentiality law < /a > does not allow it to submit relevant information to SEC, which made SEC formally prosecute DDT's Shanghai branch in May 2012, and formally filed a lawsuit against DDT's Shanghai branch in May 2012, so that the crisis in P was upgraded again.

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< p > for the result of the settlement, Song Yixin, a partner of Shanghai new Wang Da Da law firm, told reporters that the latest SEC document does not necessarily mean a substantial turnaround. It may be that the appeal of the four big accounting firms has made the previous ruling not effective. Now the application for extension is due to the fear that the ruling will be more influential and needs to be reassessed.

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