The Latest Breaking News from PCAOB

In 2001, the Big Five became the Big Four, and now the PCAOB again finds "audit quality is moving in the wrong direction"—a 40% error rate.

Proof-of-reserve measures aren't a substitute for standard audits. They make them better.

Key Takeaways:

An agreement reached Friday between the United States and China would permit American accounting officials to visit Hong Kong to review the audit records of Chinese companies listed on U.S. exchanges. 

Economy and Society is Ballotpedia’s weekly review of the developments in corporate activism; corporate political engagement; and the Environmental, Social, and Corporate Governance (ESG) trends and events that characterize the growing intersection between business and politics.

Nearly 200 firms could be booted from U.S. exchanges if accounting watchdog PCAOB cannot complete its audit investigations into them by that time, an SEC official says

U.S. regulatory officials arrived in Beijing seeking to settle a long-running dispute over the auditing compliance of U.S.-listed Chinese firms, Reuters reported, citing sources. The stand-off, if not resolved, could see Chinese firms kicked off New York bourses. This week the SEC added over 80 firms to the list of companies…

Li Auto Inc (NASDAQ: LI) is among 17 new U.S.-listed Chinese companies added to the U.S. Securities and Exchange Commission’s Holding Foreign Companies Accountable Act (HFCAA) list.

For several years, I have been thinking about the doctrine of severability -- what happens when courts conclude that a part of a law is unconstitutional? I have come to believe that this is fundamentally just a question about "say[] what the law is," as Marbury v. Madison put it.…