Tag: audit

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UPDATE 1-China says U.S. audit law targeting Chinese firms discriminatory

(Adds more details, background)

SHANGHAI, Dec 4 (Reuters) – China’s securities regulator said on Friday that U.S. legislation that threatens to kick Chinese firms off its exchanges is “clearly discriminatory” and politically driven, but China is still willing to talk.

The U.S. Congress passed legislation on Wednesday that would force Chinese firms to delist from U.S. exchanges unless they abide by U.S. accounting rules. It is expected soon to be signed into law by U.S. President Donald Trump.

The China Securities Regulatory Commission (CSRC) said in a statement that the “Holding Foreign Companies Accountable Act” is “clearly discriminatory” and not based on professional grounds.

The Act would force U.S.-listed companies to prove that they are not controlled by a foreign government, and require companies name Chinese Communist Party (CCP) officials on their boards, and disclose whether their articles of incorporation contains any charter of the CCP.

“We firmly oppose

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QUOTES-Reactions to new U.S. audit law that could see Chinese firms kicked off U.S. exchanges

Dec 3 (Reuters) – U.S. President Donald Trump is expected to soon sign into law a bill that will allow the United States to kick Chinese companies off its exchanges if they fail to comply with the U.S. Public Accounting Oversight Board’s audits for three years in a row.

Chinese authorities have long been reluctant to let overseas regulators inspect local accounting firms, citing national security concerns.

If they do not bend, then there may be little the companies themselves can do to prevent a delisting, although some analysts expect U.S. and Chinese regulators to reach a compromise sometime in the next three years.

STEPHEN CHAN, PARTNER AT LAW FIRM DECHERTS, HONG KONG:

“With the House now having passed the bill and the executive order blocking certain U.S. investments in Chinese companies which the U.S considers to be owned or controlled by Chinese military, I would expect more U.S. listed

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More US-listed Chinese firms seen seeking backup listings as new audit law looms

Many foreign companies already conform to the standard, but Chinese firms do not
AFP

The “Holding Foreign Companies Accountable Act” is expected to be soon signed into law by US President Donald Trump after it was passed by the US House of Representatives on Wednesday

The rush by US-listed Chinese companies to secure a secondary listing in Hong Kong or China is only set to intensify as the United States readies a new law allowing it to kick firms off its exchanges if they do not comply with US auditing rules.

The “Holding Foreign Companies Accountable Act” is expected to be soon signed into law by US President Donald Trump after it was passed by the US House of Representatives on Wednesday. It stipulates that failure to comply with the US Public Accounting Oversight Board’s audits for three years in a row, will mean a US delisting.

While it applies

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Reactions To New U.S. Audit Law That Could See Chinese Firms Kicked Off U.S. Exchanges



a close up of a sign: Reactions To New U.S. Audit Law That Could See Chinese Firms Kicked Off U.S. Exchanges


© Provided by News18
Reactions To New U.S. Audit Law That Could See Chinese Firms Kicked Off U.S. Exchanges

U.S. President Donald Trump is expected to soon sign into law a bill that will allow the United States to kick Chinese companies off its exchanges if they fail to comply with the U.S. Public Accounting Oversight Board’s audits for three years in a row. Chinese authorities have long been reluctant to let overseas regulators inspect local accounting firms, citing national security concerns. If they do not bend, then there may be little the companies themselves can do to prevent a delisting, although some analysts expect U.S. and Chinese regulators to reach a compromise sometime in the next three years. STEPHEN CHAN, PARTNER AT LAW FIRM DECHERTS, HONG KONG: “With the House now having passed the bill and the executive order blocking certain U.S. investments in Chinese companies which the U.S

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Analysis: More U.S.-listed Chinese firms seen seeking backup listings as new audit law looms

HONG KONG (Reuters) – The rush by U.S-listed Chinese companies to secure a secondary listing in Hong Kong or China is only set to intensify as the United States readies a new law allowing it to kick firms off its exchanges if they do not comply with U.S. auditing rules.

FILE PHOTO: Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike Segar

The “Holding Foreign Companies Accountable Act” is expected soon to be signed into law by U.S. President Donald Trump after it was passed by the U.S. House of Representatives on Wednesday. It stipulates that failure to comply with the U.S. Public Accounting Oversight Board’s audits for three years in a row will mean a U.S. delisting.

While it applies to companies from any country, the

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ANALYSIS-More U.S.-listed Chinese firms seen seeking backup listings as new audit law looms

By Scott Murdoch and Kane Wu

HONG KONG, Dec 3 (Reuters)The rush by U.S-listed Chinese companies to secure a secondary listing in Hong Kong or China is only set to intensify as the United States readies a new law allowing it to kick firms off its exchanges if they do not comply with U.S. auditing rules.

The “Holding Foreign Companies Accountable Act” is expected to be soon signed into law by U.S. President Donald Trump after it was passed by the U.S. House of Representatives on Wednesday. It stipulates that failure to comply with the U.S. Public Accounting Oversight Board’s audits for three years in a row, will mean a U.S. delisting.

While it applies to companies from any country, the legislation’s sponsors intended it to target Chinese firms.

Authorities in China have long been reluctant to let overseas regulators inspect local accounting firms, citing national security

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Judge dismisses Arizona GOP lawsuit seeking audit of county’s ballots



a person sitting at a desk: Judge dismisses Arizona GOP lawsuit seeking audit of county's ballots


© Greg Nash
Judge dismisses Arizona GOP lawsuit seeking audit of county’s ballots

A judge on Thursday rejected a Republican Party lawsuit seeking an audit of ballots in Arizona’s biggest county, which helped flip the state blue for the first time in more than 20 years.

Maricopa County Superior Court Judge John Hannah dismissed the lawsuit with prejudice and denied the Arizona GOP’s request for an audit of the county’s results, which would likely have delayed its certification of the vote tallies. An order outlining the judge’s reasoning is expected later Thursday.

The county is planning to officially certify the count on Friday, according to The Arizona Republic.

The lawsuit filed last week accuses Maricopa County, home to Phoenix and its metro area, of violating state law by doing away with its precinct voting model this election, allowing voters to cast their ballots at any polling center in the

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Georgia ballot audit expected to be complete by Wednesday night, election official says

ATLANTA (NewsNation Now) — A Georgia election official said Tuesday morning that the hand tally of ballots cast in the presidential race would be complete by Wednesday evening.

“We feel like we’re on a good path,” said Gabriel Sterling with Georgia’s Secretary of State Office. “The audit is on pace.”

Sterling said the by-hand recount is so the state can move to certify its election results. Once certified, the losing campaign can request a recount, which would be done using scanners that read and tally the votes. The AP has not declared a winner in Georgia, where Joe Biden leads President Donald Trump by 0.3 percentage points.

Georgia Secretary of State Brad Raffensperger did not attend Tuesday morning’s news conference. Trump and his allies have criticized Raffensperger, saying that mismanagement and fraud tainted the state’s presidential election.

Over the weekend, Trump posted on social

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Arizona Republican Party vote audit claims ripped by attorney general

CLOSE

Arizona Attorney General Mark Brnovich says a lawsuit filed by the Arizona Republican Party over hand counting of ballots has no legal basis. (Photo: Thomas Hawthorne/The Republic)

The Arizona Republican Party is suing Maricopa County election officials to try to force an additional hand count of ballots in a way the party argues would “potentially result in a more precise sampling of votes.”

But the Attorney General’s Office, led by Republican Mark Brnovich, says the party has no legal basis for its claim. 

County election officials must perform hand count audits using a random sampling of ballots to ensure the accuracy of electronic counts. The Maricopa County Elections Department already has completed one for the general election, officials said Monday, and it matched electronic counts exactly. 

State law indicates officials should audit ballots from two county precincts or 2% of county precincts, whichever is greater, but that assumes a

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Georgia audit to trigger hand tally of presidential vote

Jeff Amy and Kate Brumback, Associated Press
Published 11:02 a.m. ET Nov. 11, 2020 | Updated 1:56 p.m. ET Nov. 11, 2020

Atlanta – Georgia’s secretary of state on Wednesday announced an audit of presidential election results that he said would be done with a full hand tally of ballots because the margin is so tight.

Secretary of State Brad Raffensperger said at a news conference that his office wants the process to begin by the end of the week and he expects it to take until Nov. 20, which is the certification deadline.

“It will be a heavy lift, but we will work with the counties to get this done in time for our state certification,” Raffensperger said, flanked by local election officials on the steps of the state Capitol. “We have all worked hard to bring fair and accurate counts to assure that the will of the voters

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