The biggest global accounting firms have been told to expect tougher scrutiny by US regulators of their overseas affiliates, amid concerns about lower standards in China and elsewhere.
In an interview with the Financial Times, the chair of the Public Company Accounting Oversight Board, Erica Williams, vowed to hold overseas affiliates to the same standards as US firms, as she strengthens the industry regulator’s enforcement efforts.
The US Securities and Exchange Commission has also signalled it is paying closer attention to the issue of substandard audit work abroad, and last week took action against Deloitte’s Chinese affiliate for failing to properly check clients’ financial transactions.
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