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PCAOB warning over foreign auditors

The Public Company Accounting Oversight Board (PCAOB) has issued an alert reminding audit firms of their obligations when making use of work performed by foreign auditors. The problem is particularly acute in the case of companies that operate largely in China but have securities trading in the US as the result of reverse mergers with US shell companies. According to the PCAOB’s research, the audit report for many of these…