In the News: PCAOB Determination; "Queen of Live Streaming" Fined and Suspended; and Draft Credit Card Regulation

December 21, 2021 | BY

Hugo Yeung

PCAOB accuses PRC authorities of not allowing inspection and investigations of audits; E-commerce live streamer "Viya" fined USD$210 million for tax evasion and social media accounts suspended; and credit card regulation on the horizon

Credit: peterschreiber.media/Adobe Stock

U.S. unable to audit Chinese and Hong Kong companies

On December 16, the U.S. Public Company Accounting Oversight Board (PCAOB), overseer of audits of public companies, issued a report mandated under the Holding Foreign Companies Accountable Act of 2020 (HFCAA) determining that it is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong.

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