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...Some of the world’s biggest audit and consulting firms are asking staff to use burner phones when they visit Hong Kong, a sign of the increasing difficulties global companies are facing in a city long known...
...Revenue growth in its audit and assurance business accelerated from the previous year to 13.8 per cent in local currency terms....
...Williams, who became PCAOB chair in January, promised to stiffen penalties for flawed audit work and reduce leniency for first offences, and try to ratchet audit quality higher through updated standards....
...He told investors in June that the audit to March 2022 would be completed by September....
...The ruling party has announced preliminary plans to ban fundraising parties and to introduce external audits for its financial reports as well as tougher penalties for MPs....
...But Superdry needs to come up with a better solution than this....
...He concedes that “investors and lenders were anxious” about the audit delay, but adds: “everything which auditors do is fair . . . short-term you might think, OK FY21 is a bad year from a reporting point...
...“Discussions have been going on for a while and this is the proposed solution,” said one person close to Arm China’s board....
...But he cautioned Thorne that the group needed to “learn a lesson” from the punishment over its Huarong audits....
...“Winner” indicates that the organisation won an FT Innovative Lawyers Asia-Pacific award for 2023....
...This worked at Wincanton, the supply-chain solution provider, as noted in a previous report....
...But there had been signs this year that the countries were working towards a solution....
...“There is no real alternative solution for Chinese companies . . . and financing offshore is needed.”...
...A senior financier in Hong Kong who is close to a number of Chinese tech groups said the solution had been “held up by liability questions from auditors” in recent weeks, driven by concerns about an increase...
...More than 200 Chinese companies face delisting in the US in 2024 if they do not comply with new rules from Washington requiring that public companies allow regulators to inspect their audit files....
...Ultimately, any solution to the delistings row will need to be both technical and political....
...A senior executive at a large investor in China said: “There has to be a solution or the US capital market will be closed to Chinese firms for good.”...
...Beijing does not allow the PCAOB to conduct inspections of audits done in China....
...Separately, the threat of US delistings for Chinese companies because of a clash over audit laws remains....
...Many Chinese tech groups still trading in New York, including Alibaba and NetEase, have also established secondary listings in Hong Kong as US regulators push Beijing to grant access to the companies’ audit...
...System Audit of its IT system”....
...“Even if the company finds a financial fix by going private, what’s currently missing is the solution for the future of its businesses.” Additional reporting by Eri Sugiura...
...Related Links:Solutions 30: a €1.1bn question mark — FT Alphaville Solutions 30 and the disappearing audit letter — FT AlphavilleSolutions 30’s stock craters after EY refuse to sign off on accounts — FT...
...mark — FT Alphaville Solutions 30 and the disappearing audit letter — FT AlphavilleSolutions 30’s stock craters after EY refuse to sign off on accounts — FT Alphaville...
...It then works out which companies have the appropriate solutions. “The World Bank database is a huge resource,” says Norris....
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