U.S. Audit Watchdog Finds Deficiencies in First China Inspection

Error rates were ‘unacceptable’ in audit work by PwC and KPMG on U.S.-traded Chinese companies, Public Company Accounting Oversight Board reports

The PCAOB carried out the inspections under a landmark agreement to resolve a longstanding dispute between China and the U.S.

The U.S. audit watchdog found “unacceptable rates of deficiencies” in its inspections last year of audits of U.S.-traded Chinese companies, the American agency said in publishing the results of its weeks-long review.