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US watchdog identifies audit deficiencies in Chinese firms by KPMG, PwC

The US accounting watchdog has identified significant deficiencies in audits conducted by KPMG in China and PricewaterhouseCoopers (PwC) in Hong Kong for US-listed Chinese companies, according to a government agency. The findings raise concerns about the accuracy and reliability of financial reporting from these companies, potentially impacting global investors. In response, China's securities watchdog expressed its willingness to collaborate with US counterparts to enhance audit regulator cooperation. The aim is to safeguard the rights and interests of investors worldwide. This development comes amidst a campaign by China to curb the spread of information jeopardising national security, leading to increased scrutiny of consulting firms and financial data providers.


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