June 24, 2020
I have discovered in my research several Chinese companies that trade on US exchanges don't have their internal controls-opinion letters signed off by US Auditors or by foreign auditors. And if you dig deeper you can find that several companies use brushing or deceiving practices to make their financials look better than what they are. If China allowed US Auditors in to audit their internal controls these practices wouldn't happen. How can the SEC make all Chinese companies follow US Accounting Standards and Auditing standards? If they dont follow our standards they should be de-listed. I have a manager from a Chinese company admitting that they use these practices for YEARS and he said they will continue to do so because the US Government won't do anything about it. I think its time