TMCnet News
China Bans Foreign Auditing for Abroad Listed Chinese Firms(Sinocast Investing & Securities Beat (China) Via Acquire Media NewsEdge) HONG KONG, June 10, SinoCast -- Foreign media said that the Ministry of Finance is working out rules and regulations that Hong Kong and foreign accounting firms cannot offer auditing service to mainland companies planning capital financing in US and Hong Kong, forbidding working documents of accounting firms to outflow from Mainland China. That is to say, Chinese companies including Alibaba Group that is entrusting Hong Kong branch of PWC for auditing service will change their auditing institutions to mainland branches. |