globebanner.com Open in urlscan Pro
52.206.233.121  Public Scan

Form analysis
3 forms found in the DOM

/search

<form class="form-inline form-search-2 ml-3 d-none d-lg-inline-flex open" action="/search">
  <input class="form-control input-search" name="q" type="text" style="border-width: 0 0 1px;margin-left: 20px;padding-left: 0px;width: 100%;border-color: #e6e9ed;">
  <a href="#!" class="fa fa-search search"></a>
</form>

/search

<form class="d-lg-none mb-4" action="/search">
  <input class="form-control form-control-search" type="text" name="q" placeholder="Search">
</form>

POST /newsletters.json

<form action="/newsletters.json" data-remote="true" method="POST" id="newsletter-form" novalidate="">
  <input class="form-control form-search" type="email" name="newsletter[email]" id="newsletter_email" placeholder="Email">
  <button class="btn btn-block mt-2">Submit</button>
  <button class="btn btn-block" data-dismiss="modal">No Thanks</button>
  <div class="fz-10 mt-1">by subscribing, you agree to our <a href="/privacy" class="text-white">Privacy Policy</a></div>
</form>

Text Content

ENGLISH | ESPAÑOL
Submit Your Story
 * HOME
 * ECONOMY
 * GEOPOLITICS
 * INDUSTRIES
 * OPINION
 * PEOPLE
 * CHINA
 * REGIONS
 * TRADE
 * BRANDS

Newsletter Sign-up

NEWS
Economy Geopolitics Opinion People Trade Brands
INDUSTRIES
Arts & Entertainment Banking & Financial Services Education Energy Health Real
Estate Service Technology Travel
REGIONS
Africa Americas Asia Europe Oceania
FINE PRINT
ENGLISH ESPAÑOL Submit Your Story Newsletter Sign-up About Contact Privacy
Policy Terms of Service
INDUSTRIES
Arts & Entertainment Banking & Financial Services Education Energy Health Real
Estate Service Technology Travel

REGIONS
Africa Americas Asia Europe Oceania


 * Home
 * »
 * Stories
 * »
 * 2022
 * »
 * September


PCAOB: BOARD IS 'GRATEFUL' TO RUBIO FOR 'LEADERSHIP IN PASSING THE HOLDING
FOREIGN COMPANIES ACCOUNTABLE ACT'

China


Sen. Marco Rubio of Florida. | Gage Skidmore/Wikimedia Commons

ORGANIZATIONS IN THIS STORY

Public Company Accounting Oversight Board

LETTER TO THE EDITOR

Have a concern or an opinion about this story? Click below to share your
thoughts.
Send a message
By T.H. Lawrence
Sep 13, 2022


Sen. Marco Rubio (R-Fla.) is urging the Public Company Accounting Oversight
Board (PCAOB) to accept only full compliance to the Holding Foreign Companies
Accountable Act, emphasizing concerns about Chinese firms ignoring standards and
placing Americans in fiscal harm.

On Aug. 26, Chinese and U.S. regulators agreed to a pact allowing Chinese
companies to operate on U.S. stock exchanges if Chinese businesses allow U.S.
regulators to audit a Chinese company's accounting records. Companies that fail
to provide access to accounting records, will be delisted from U.S. stock
exchanges.

In a statement released that day, Rubio said it was time to mandate adherence to
the law.

“For years Chinese companies ignored our rules while enriching themselves off of
U.S. financial markets, exposing Americans to huge amounts of financial risk,”
he said. “That day is coming to an end. Either firms listed on U.S. exchanges
will provide full transparency to auditors or they will be delisted. 

"The Chinese Communist Party now says it will finally allow U.S. auditors to
look at their books," he added. "This agreement should be viewed with the
highest level of skepticism. We’ve seen this before. China has failed time and
time again to uphold its international commitments and cannot be trusted.”

The PCAOB is a nonprofit corporation established by Congress to oversee the
audits of public companies in order to protect investors and further the public
interest in the preparation of informative, accurate, and independent audit
reports. It also oversees the audits of brokers and dealers, including
compliance reports filed pursuant to federal securities laws.

The Holding Foreign Companies Accountable Act requires certain issuers of
securities to establish that they are not owned or controlled by a foreign
government. Specifically, an issuer must make this certification if the Public
Company Accounting Oversight Board is unable to audit specified reports because
the issuer has retained a foreign public accounting firm not subject to
inspection by the board. 

Furthermore, if the board is unable to inspect the issuer's public accounting
firm for three consecutive years, the issuer's securities are banned from trade
on a national exchange or through other methods.

Approximately 200 Chinese companies on U.S. stock exchanges must comply or risk
being delisted. According to the Securities Exchange Commission, China-based
U.S. issuers have a combined market capitalization of between $1 trillion to $2
trillion.

In a statement provided by PCAOD spokesman Kent Bonham, the agency said it
appreciated the Florida senator’s statement.

"The PCAOB is grateful to Sen. Rubio and his fellow members of Congress for
their leadership in passing the Holding Foreign Companies Accountable Act, and
as Chair [Erica] Williams has said many times the PCAOB will demand the complete
access the law requires with no loopholes and no exceptions,” Bonham told Globe
Banner.

 On Aug. 26, PCAOB Chairwoman Erica Williams issued a statement on the
agreement.

“The U.S. Congress sent a strong message with the passage of the Holding Foreign
Companies Accountable Act that access to the U.S. capital markets is a
privilege, not a right,” Williams said. “The PCAOB has been working to execute
our mandate under the law. As part of our ongoing efforts, this morning, the
PCAOB signed a statement of protocol with the China Securities Regulatory
Commission and the Ministry of Finance of the People’s Republic of China — the
first step toward opening access for the PCAOB to inspect and investigate
completely registered public accounting firms in mainland China and Hong Kong.

“On paper the agreement signed grants the PCAOB complete access to the audit
work papers, audit personnel, and other information we need to inspect and
investigate any firm we choose, with no loopholes and no exceptions," she added.
"But the real test will be whether the words agreed to on paper translate into
complete access in practice. “I [have] directed the PCAOB inspection team to
finalize their preparations to be on the ground by mid-September so we can put
this agreement to the test."

Rubio said there was no margin for compromise.

“The PCAOB must not accept anything short of full compliance and transparency
with U.S. officials. No deviations, no exceptions,” he said. “The livelihood of
millions of American retirees, pensioners and other investors is on the line.”

ORGANIZATIONS IN THIS STORY

Public Company Accounting Oversight Board

LETTER TO THE EDITOR

Have a concern or an opinion about this story? Click below to share your
thoughts.
Send a message

Submit Your Story

Know of a story that needs to be covered? Pitch your story to The Globe Banner.
Submit Your Story
MOST READ

1
Billtrust names new managing director: 'Marco shares our vision of making the
digital transformation of accounts receivable fast and simple'
2
ISACA CEO on new office: 'We are very excited to have a stronger local presence
in Europe'
3
Deluxe vice president: 'The future of Fintech is all about collaboration'
4
NESR CEO: 'We are very proud of our partnership with John Hooks and PHX'
5
Air Products to begin constructing second liquid hydrogen plant in Rotterdam to
contribute to ‘the energy transition’



MORE NEWS

Europe

AlphaSense CEO: 'We are excited to establish the office in Germany'

Technology

Accuracy partner: 'Causality Link's data will allow us and our clients to
address those challenges quickly and efficiently'

Travel

Thirdhome VPs on partnership: 'We're incredibly excited to be partnering with
Kempinski Laje de Pedra Hotel & Residences'

Technology

OpenX senior VP: 'We are focused on delivering the highest level of service'

Want the news delivered straight to your inbox?

Sign up for the Globe Banner Newsletter

and receive the latest news each week on business, government, real estate and
more!

Submit No Thanks
by subscribing, you agree to our Privacy Policy

×
 * News
 * Brands
 * Economy
 * Geopolitics
 * Opinion
 * People

 * Trade

MORE INFO

 * About
 * Contact

© 2022 Globe Banner. All rights reserved.

Privacy Policy | Terms of Service