WASHINGTON, DC – The American Securities Association (ASA) today issued the following statement from President & CEO Chris Iacovella regarding the Public Company Accounting Oversight Board (PCAOB) enforcement actions on firms based in China and Hong Kong:
“We find it remarkable that the PCAOB could ‘investigate’ the audits of Chinese companies last year, when mainland China and Hong Kong were both completely locked down,” said ASA President & CEO Chris Iacovella. “Our question is: Why is this SEC taking the word of Chinese authorities who have repeatedly withheld material financial information and asserted ‘state secret’ privileges to stop Chinese companies from complying with U.S. laws? If the SEC wants to protect U.S. investors, then it’s time to end this charade.”
The PCAOB announced three settled disciplinary orders sanctioning three China-based firms and four individuals for violations of the U.S. securities laws and PCAOB rules and standards.
ASA and ASA President & CEO Chris Iacovella has been very vocal on the economic threat China poses to the United States.
About the American Securities Association
American Securities Association, based in Washington, DC, represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.