The Big Four auditors have been caught in the crossfire of a US-China regulatory dispute, but the biggest casualty could be Chinese companies listed in the US.
The US Securities and Exchange Commission on Monday accused the Chinese affiliates of the Big Four – Deloitte, Ernst & Young, KPMGand PwC– plus one other firm, BDO, of breaking securities laws after they refused to produce paperwork related to investigations into accounting fraud at nine Chinese companies.
But by charging the Chinese affiliates of the leading global accounting firms, the SEC has begun a process that could hasten the wholesale delisting of Chinese companies from the US stock market.
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