Showdown | China Accounting Blog | Paul Gillis

Showdown

The U.S. Chamber of Commerce has sent a letter to the CSRC and SEC asking them to find a way to solve the impasse over audit working papers, indicating that it is damaging economic relations between the countries.

The question for the next few days is whether the PCAOB will act before year end.   Under Rule 4003 of the PCAOB, there is a December 31, 2012 deadline to complete foreign inspections which the PCAOB will miss. It would seem unusual to me if the PCAOB were to let this deadline pass without action or comment. 

Investors should watch carefully in the remaining days of 2012.  


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