Top 10 Best Chinese Accountants January 2023

Our 100 journalists strive to inform and improve our East Coast communities by delivering impartial, high-impact, local journalism that provokes thought and action. Please consider joining us in this mission by becoming a member of the SaltWire Network and helping to make our communities better. U.S.-traded shares of Ecommerce giants Alibaba, JD.com as well as internet behemoth Baidu were down between  3-5% while music streaming provider Tencent Music was down 3.5%, more than the broader market where the S&P 500 Index was down 2.5%.
Public Company Accounting Oversight Board to audit Chinese companies listed on the U.S. stock exchange, according to the Wall Street Journal. The U.S. House of Representatives passed legislation on Wednesday that could prevent Chinese companies from listing their shares on  U.S. exchanges unless they adhere to U.S. auditing standards. The fundamental solution is to work out an acceptable arrangement between China’s Securities 学生报税 Regulatory Commission (“CSRC”) and the PCAOB. Under the current arrangement offered by the CSRC, audit workpaper must be provided to the PCAOB through CSRS. The PCAOB usually has direct access to the SEC clients of PCAOB registered CPA firms and selects a few for its inspection. It’s critical for PCAOB to have unrestricted access to audit work paper in their original electronic format saved in CPA firms’ servers.

The institute coordinates training and development activities to support and enhance its members’ professional services, manages internal and external relationships with industry stakeholders, and safeguards the public interest. We support the development, adoption, and implementation of high-quality international standards. Short sellers have argued that rather than open up their books to U.S. auditors, Chinese companies would simply move their listings to Hong Kong. “It’s really just Xi Jinping wanting to make it look like the Chinese companies are exiting the U.S. out of China’s strength and the robustness of the capital markets alternatives available in Hong Kong and in mainland China, as opposed to the U.S. saying, ‘We’ve had enough... As of Tuesday, Gaotu’s stock had sunk from a high of $149 at its January peak to under $3 per share, after China’s Ministry of Education announced on Saturday it would ban education firms from making profits, raising capital, or going public. Beijing expects China’s economy to grow 5.5% this year—much lower than 2021’s 8.1% growth—but analysts estimate that the country’s actual growth will hover around 5%.
It was earlier reported that China had asked to redact certain details in the audit work papers. The China Securities Regulatory Commission said on Friday it looked forward to "carrying out audit oversight cooperation with our US counterparts in the years to come with enhanced mutual respect and trust". "It would enhance or drive greater activities at capital markets and greater flow of capital funds between the two markets," said Chao.
Treasurys market—and for the world’s linchpin currency, the U.S. dollar—you have to accept those risks. International investors need to feel confident that they can put as much money as they want into your bonds, that the value of those holdings will stay relatively stable, and that they can cash out whenever they want with no penalty. Though severe, the economic consequences to China of a U.S. default would probably not be threatening to the Chinese Communist Party’s power. Whatever pain the Chinese people were forced to suffer could rightly be blamed on outside forces.

PwC China has been ranked first in the top 100 firms for nineteen consecutive years – since the CICPA released its first rankings in 2003. HONG KONG -- A team of U.S. auditing experts has arrived in Hong Kong with the fate of billions of dollars of Chinese stock market listings potentially in their hands. "This is the beginning of our work to inspect and investigate firms in China, not the end," said Williams, adding that it will reconsider its determination if China obstructs access at any time. While many foreign companies conform to the standard, this has not been the case for mainland China and Hong Kong firms.
Whether the long-running problem with the Chinese will be solved with the statement of protocol remains to be seen, however. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. This established knowledge enables us to refine the appropriateness of our scope of audit services and respond efficiently and effectively to revisions. Beverly is the San Francisco Chapter Chair of 2020 Women on Boards and Rice University MBA Bay Area regional alumni board leader. She is also an advisory board member of China SF and of the University of San Francisco China Business Studies program. Beverly received her MBA in finance from Rice University, her MA in professional communications from Purdue University, and her BA in English from Peking University.

37 This  scandal represents another blow to PCAOB’s confidence in the processes of audit firms that it has not been permitted to inspect for more than a decade. 34 The auditor of Luckin Coffee Inc. has been Ernst & Young Hua Ming LLP, a PCAOB-registered firm since 2004 and thus eligible to serve as lead auditor on the audits of ULCCs. 26 Constraints on oversight raise company-specific risk, which not only increase uncertainties, but also have broad confidence-related effects. It will inevitably affect the investors’ confidence and market momentum on other ULCCs.
We provide regulatory agencies, lawyers, trustees, financial institutions, insurance companies and business owners a wide range of services to meet the challenges of today’s business environment. A U.S. government official, who was not authorized to speak to reporters by name, said that inspections would begin in Hong Kong because of protocols related to the coronavirus, but that the agreement also gave the United States the ability to carry out inspections in mainland China. Wall Street leaders have been strongly opposed to removing China-based companies, which account for $1.3 trillion of market value. The exclusion of big Chinese companies like Alibaba, Baidu and Yum China from the United States, which has the world’s largest markets for attracting global investment, also would have been a significant setback for China. The agreement is a potentially big step toward resolving a conflict that had appeared likely to force some of China’s largest companies to leave American stock exchanges starting in 2024. The agreement could prevent Chinese companies from having to depart U.S. stock exchanges, but U.S. officials remain wary of whether China will fulfill its terms.

Its authority includes the registration, inspection, and investigation of audit firms, including firms located in foreign jurisdictions that are engaged to conduct audits of foreign companies listed on US exchanges. With respect to accounting firms headquartered in foreign jurisdictions, the PCAOB typically enters into cooperative arrangements with foreign regulators, and it works with foreign regulators to address any concerns regarding data protection, state secrecy, or other sensitive substantive concerns. Of perhaps greater concern are the apparent contradictions between U.S. and Chinese descriptions of the SOP agreement. By increasing the risk of forced delistings, the HFCAA threatens to permanently shut Chinese firms off from such privileges.
Australian accounting firms, due to a revealed preference to hire white Australian graduates, appear to be missing out on a vast reservoir of Chinese talent. Chinese accounting graduates speak two or three languages and have established business networks in China or at the very least insider knowledge of how that country's business culture operates. Whilst their sub-cultural capital may be lower on average than white graduates on some conventional measures, it is higher in those areas of bilingual capability and cross-cultural knowledge which are becoming of increasing importance to Australian business. In a May 24 speech, YJ Fischer, director at the SEC’s office of international affairs, said that the “PCAOB would need to be able to complete inspections and investigations by early November 2022”. Even if US and Chinese authorities reach an agreement in the near future to commence PCAOB audit inspections and investigations in China and Hong Kong SAR, “such an agreement will only be the start towards satisfying the PCAOB’s statutory mandate”. This revised law marked a large step forward for the continuing integration of world trade and capital markets, with China adopting a significant number of the accounting standards laid out by the International Accounting Standards Board.
The firm attaches great importance to the construction of its leadership team and strengthening the localisation, diversification and globalisation of people development. The inspectors are in the city to look into the audit records of selected Chinese companies, following Washington's insistence that U.S. officials also be given access to the accounts. If the team is not happy with what it finds, then the roughly 200 Chinese companies listed on American markets could be forced to delist as early as next year. Tsui said the inspections should go smoothly if it's just a matter of accountants on both sides, and there is no political interference on the U.S. side. He said the big four accounting firms — KPMG, PwC, Deloitte and EY — are members of the association. Gillis speculates that both Ruihua and ShineWing fell foul of China’s tough accounting regulations in their work with some of the smaller audit clients, businesses too small to attract the Big Four.

Yet when the first rotation arrived in 2012, the target firms mostly swapped one of the Big Four for another. The Chinese firms felt they lacked the skills to audit large banks and aimed to win audit roles at secondtier banks instead, Gillis believes. One Chinese firm told him it had passed up an opportunity to audit the huge stateowned Industrial and Commercial Bank of China , now the largest bank in the world by total assets.
First, we conclude that although Chinese students come to the US with a Chinese learner orientation and face a number of language and learning challenges, they can adapt and thrive in a Western learning environment. They also believe that their US education will serve them well in their careers whether they remain in the US or return to China. Second, although US accounting and business PhD programs encourage Chinese students to engage in academic debate, think and work more critically and independently, these philosophies are embedded within a narrow US-centric model of academic accounting and business research. Third, China's move towards a socialist market economy and its demand for Western accounting and business expertise can generate some positive outcomes for their country. However, they will have to address the serious social problems that accompany an adoption of Anglo-American capitalism, an ideology that Chinese students in US accounting and business PhD students are taught to study, believe, and promote. Zhongxinghua CPA chooses to join PrimeGlobal for the association’s global diversity and highly responsive and efficient member firm support service.