U.S.-Chinese Progress on Accounting Is Dealt Setback

Source: The Wall Street Journal

U.S.-Chinese negotiations to allow American audit-firm inspectors into China suffered a setback Monday, as U.S. regulators indicated that a planned visit to Washington by their Chinese counterparts to continue the talks has been postponed.

Regulators previously said the Chinese were slated to visit Washington this month for a second round of the talks, which began in Beijing in July. The two countries are negotiating on whether to allow inspectors from the Public Company Accounting Oversight Board, the U.S.'s auditing regulator, into China to scrutinize the work of Chinese accounting firms which audit U.S.-traded companies.

But dates for the meeting "are not set," a spokeswoman for the accounting board said Monday. No new date was disclosed for the meeting. "We remain hopeful that we will be able to meet with the Chinese regulators in the near future," the spokeswoman said.

No reason was given for the delay, and officials from the China Securities Regulatory Commission, one of the agencies that was to have participated in the talks this month, couldn't be immediately reached for comment.

Read more: http://online.wsj.com/article/SB10001424052970204524604576609183570744552.html

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Google the title to read in full.

Bribery will get you the proper revue.

At least the Chinese know how to deal with their bribe takers in government.

In the U.S., they're given high paying lobbying jobs.