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Tuesday, February 27, 2024

U.S. restarts audit inspections of Chinese companies – Bloomberg


July 6 (Reuters) – U.S. auditors begin a new round of inspections of more than a dozen New York-listed Chinese companies, including Tencent Music Entertainment Group (1698.HK)Didi Chuxing (92Sy.MU)NetEase (9999.HK)Bloomberg News to report Thursday.

inspection is part of inspection protocol The deal signed last year comes amid growing tensions between the U.S. and China, including U.S. consideration of export controls on Chinese artificial intelligence chips.

The report quoted people familiar with the matter as saying that the US Public Company Accounting Oversight Board (PCAOB) sent a team to Hong Kong last month to review the 2022 audit reports of some of the most high-profile Chinese stocks listed in the US.

May, PCAOB set up Audits of U.S.-listed Chinese companies by China’s KPMG and Hong Kong’s PricewaterhouseCoopers have unacceptable deficiencies.

The PCAOB, Tencent Music Entertainment Group, Didi Chuxing and NetEase did not immediately respond to Reuters’ requests for comment.

Reporting by Yana Gaur in Bengaluru; Editing by Rashmi Eich

Our standards: Thomson Reuters Trust Principles.


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