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Chairwoman Maxine Waters Applauds PCAOB’s Recent Determination to Inspect Auditors of China-based Companies
Washington, DC, December 16, 2022
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released the statement below following news that the Public Company Accounting Oversight Board (PCAOB) determined that it has gained complete and unfettered access to be able to inspect China-based and Hong Kong-based PCAOB-registered accounting and audit firms.
“I am pleased that after nearly two decades, the PCAOB has gained access to inspect China-based and Hong Kong-based PCAOB-registered accounting and audit firms. Under my leadership, the Financial Services Committee has been working diligently to ensure that any company that wants to sell its securities to U.S. investors abides by U.S. laws, something that many China-based companies have been failing to do. Last Congress, I worked with Senator John Kennedy (R-LA) and Representative Brad Sherman (D-CA), to secure the bipartisan and bicameral passage of the “Holding Foreign Companies Accountable Act,” which gave China-based companies three years to comply with our regulatory requirements or be kicked off of U.S. exchanges.