Progress in the US-China audit dispute is accelerating with e-commerce giant Alibaba reportedly amongst the first batch of firms selected for inspection.
Alibaba, among other US-listed Chinese firms, has been selected for audit inspection, according to a «Reuters» report citing unnamed sources. The e-commerce company has been notified of its selection and the audit inspection will begin next month.
Alibaba’s accounting firm PwC has also been informed of the audit inspection.
Last Friday, a preliminary agreement was reached to allow access by the Public Company Accounting Oversight Board (PCAOB) to audit documents of US-listed Chinese firms. The PCAOB said that it had notified the selected companies without naming them and expects to fly in officials for inspection in Hong Kong by mid-September.
