U.S., China Feud Over Audit Firms

This article discusses the ongoing dispute between regulators in China and the U.S. over how U.S.-listed China-based companies are audited and how the Chinese operations of the ‘Big Four’ audit firms will in the future be managed and regulated. Loeb & Loeb partner Mitchell Nussbaum, Chair of the firm’s Capital Markets and SEC Compliance Department, is quoted on the progress being made between Washington and Beijing toward international regulatory cooperation, and the possibility of a compromise on this issue, which could determine whether Chinese auditors can continue to audit companies listed or trading in the U.S.