U.S. gains full access to audits of Chinese companies in breakthrough

Deal removes risk of 200 stocks being kicked off American exchanges

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"For the first time in history, we are able to perform full and thorough inspections and investigations to root out potential problems and hold firms accountable to fix them," said PCAOB Chair Erica Williams. © AP

December 16, 2022 00:43 JST

NEW YORK/HONG KONG/WASHINGTON (Reuters) -- The U.S. Public Company Accounting Oversight Board on Thursday said it has determined that it has gotten full access to inspect and investigate firms in China for the first time ever.

The announcement from the U.S. accounting watchdog removes the risk that around 200 Chinese companies, including Alibaba, could be kicked off U.S. stock exchanges.