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The Public Company Accounting Oversight Board (PCAOB) announced an agreement with Chinese regulators to receive full access to the audit papers of companies based in mainland China and Hong Kong that do business in the United States.
 
U.S. Senator Marco Rubio (R-FL) urged the PCAOB to accept nothing less than full compliance to the agreement.

• “For years, Chinese companies ignored our rules while enriching themselves off of U.S. financial markets, exposing Americans to huge amounts of financial risk. That day is coming to an end. Either firms listed on U.S. exchanges will provide full transparency to auditors or they will be delisted. 

• “The Chinese Communist Party now says it will finally allow U.S. auditors to look at their books. This agreement should be viewed with the highest level of skepticism. We’ve seen this before. China has failed time and time again to uphold its international commitments and cannot be trusted. 

• “The PCAOB must not accept anything short of full compliance and transparency with U.S. officials. No deviations, no exceptions. The livelihood of millions of American retirees, pensioners, and other investors is on the line.”

 
Looking forward… Rubio will continue to work with the PCAOB to ensure full enforcement of his Holding Foreign Companies Accountable Act (P.L. 116-222).
 
Want more? Read more. 

• July 2022: Rubio Discusses China Delisting Law With PCAOB Chair Williams
• June 2021: Rubio, Colleagues Question SEC on Unprecedented Replacement of PCAOB Members & Urge the Swift Implementation of Holding Foreign Companies Accountable Act
• May 2020: Rubio Applauds Senate Passage of Legislation to Ban Chinese & Foreign Firms That Flout U.S. Laws From U.S. Exchanges