12 Feb '11, 11am

US audit cop says #China inspections crucial via @cmswire

NEW YORK - CHINA needs to open its borders to US audit inspectors as more of its companies look to the United States as a source of capital, the new head of the US auditor watchdog said. 'It's important as Chinese companies come here looking for capital and as Americans want opportunities to make global investments,' James Doty, chairman of the Public Company Accounting Oversight Board, said in an interview with Reuters on Friday. China has resisted allowing PCAOB inspectors into its markets, saying its own regulatory system is adequate. The issue has taken on added importance as more Chinese companies register on US stock exchanges and as questions mount about the reliability of their financial statements. 'We'll want to step up our diplomacy and our efforts to work something out with China so we can do more there,' Mr Doty said. Created by the 2002 Sarbanes-Oxley reform ...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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