News & Analysis as of

Audits Hong Kong

Hogan Lovells

Hong Kong audit regulator says it expects full compliance with laws and regulations

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Hong Kong’s audit regulator, the Accounting and Financial Reporting Council (AFRC), says it expects all audit firms and their staff to comply with all relevant laws and regulations set out within the accountants’ ethics code....more

Hogan Lovells

Hong Kong audit regulator reaches landmark agreement over mainland audit papers

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Hong Kong’s audit regulator, the Accounting and Financial Reporting Council (AFRC) says it has reached a landmark agreement to help it obtain audit working papers of Public Interest Entity (PIE) auditors located on the PRC...more

Dechert LLP

Hong Kong Virtual Asset Fund Managers – Current State of Play

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The current regulatory requirements in Hong Kong with regards to managing funds that invest in "virtual assets" ("VA") can be summarized as follows – if an asset manager has a licence from the Hong Kong Securities and Futures...more

Orrick, Herrington & Sutcliffe LLP

PCAOB Secures Complete Inspection Access to Audits of Chinese Companies, Removing Delisting Risks

The Public Company Accounting Oversight Board (“PCAOB”) announced on December 15, 2022 that it has secured complete access to inspect and investigate audit firms in mainland China and Hong Kong for the first time in history....more

Robinson & Cole LLP

PCAOB Confirms Complete Access to Inspect and Investigate Chinese Auditing Firms

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On December 15, 2022, the Public Company Accounting Oversight Board (PCAOB), the U.S. independent regulator of public company auditing work, announced that it has completed a test inspection of two selected auditing firms in...more

Mayer Brown Free Writings + Perspectives

PCAOB Secures Complete Access to Inspect and Investigate Chinese Audit Firms, but SEC Signals Must Remain Vigilant

Last week, the U.S. Public Company Accounting Oversight Board (“PCAOB”) announced it had secured complete access to inspect and investigate issuer engagements of audit firms headquartered in China and Hong Kong, marking the...more

Nelson Mullins Riley & Scarborough LLP

U.S. and China Announce Agreement to Inspect Chinese and Hong Kong Audit Firms

The Public Company Accounting Oversight Board (“PCAOB”) recently announced that it has reached an agreement with Chinese authorities that would allow American regulators to inspect audit firms located in mainland China and...more

WilmerHale

Three Reasons the PCAOB's Agreement With China May Not Have Changed the Landscape

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After months of closed-door negotiations, the Public Company Accounting Oversight Board (PCAOB) announced on Friday that it has entered into a Statement of Protocol with the China Securities Regulatory Commission (CSRC) and...more

White & Case LLP

PCAOB and Chinese Authorities Sign Agreement, Taking First Step Toward Complete Access for PCAOB to Inspect and Investigate...

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On August 26, 2022, the US Public Company Accounting Oversight Board (the "PCAOB") signed a Statement of Protocol (the "SOP") with the China Securities Regulatory Commission (the "CSRC") and the Ministry of Finance of the...more

Hogan Lovells

Global Accountants' Liability Update – June 2022

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Our global team of securities and professional liability lawyers at Hogan Lovells is uniquely positioned to monitor legal developments across the globe that impact accountants’ liability risk. We have experienced lawyers on...more

Hogan Lovells

Global Accountants' Liability Update – February 2022

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In mid-2020 the German stock corporation Wirecard became suspected of having falsified its records and to have made up assets in the magnitude of EUR 1.9 billion in its balance sheets. This prompted the German legislature to...more

Hogan Lovells

Global Accountants' Liability Update – October 2021

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A company that specialized in the design and production of optical instruments (hereafter: the Company) hired an accounting firm and a tax consultancy firm (hereinafter: the Accountants) to prepare its annual accounts between...more

Hogan Lovells

Global Accountants’ Liability Update – September 2021

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On 1 July 2021 a new bill came into force in Germany that substantially reshapes the legal framework for accountants (“Gesetz zur Stärkung der Finanzmarktintegrität – (Finanzmarktintegritätsstärkungsgesetz -FISG)”, “FISG”,...more

Hogan Lovells

Global Accountants’ Liability Update – May 2021

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Court of Appeal rules in favor of accounting firm in breach of contract claim - The Court of Appeal has rejected a claim from a California-based businessman that a global accounting firm failed to ensure that its...more

Skadden, Arps, Slate, Meagher & Flom LLP

Holding Foreign Companies Accountable Act Poised To Be Signed Into Law

On December 2, 2020, the U.S. House of Representatives approved the Holding Foreign Companies Accountable Act (Act). The Act is identical to the bill the U.S. Senate passed in May 2020. Most significantly, the Act requires...more

Hogan Lovells

Global Accountants’ Liability Update – May 2020

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Recent court decisions - Germany - Cum/Ex-trades spark litigation - So called Cum/Ex-trades have become one of the hottest legal topics in Germany. A flood of claims dealing with those trades has reached German...more

Morgan Lewis

What You Need To Know About Hong Kong's New Rules On External Electronic Data Storage

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The Hong Kong Securities and Futures Commission ( SFC) has observed that the use of external electronic data storage providers (EDSPs), including public and private cloud storage, by licensed corporations (LCs) has become...more

Eversheds Sutherland (US) LLP

Recent guidance brings OFAC in line with domestic and global compliance trends

On May 2, 2019, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued guidance titled “A Framework for OFAC Compliance Commitments” (Guidance), providing direction regarding what OFAC considers to...more

A&O Shearman

Governance & Securities Law Focus: Asia Edition, February 2019

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In this newsletter, we provide a snapshot of the principal Asian, U.S., European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. ...more

Akin Gump Strauss Hauer & Feld LLP

NFA Inspects Hong Kong Based Investment Managers

The U.S. National Futures Association (NFA) has confirmed that it has commenced its first-ever, on-site inspection program of NFA member firms located in Hong Kong. Prior to this current initiative, the NFA’s inspections of...more

Katten Muchin Rosenman LLP

Bridging the Week - January 2017 #3

New Acting CFTC Chairman Provides Insight Into Priorities: In a speech before SEFCON VII on January 18, J. Christopher Giancarlo, the new acting chairman of the Commodity Futures Trading Commission, laid out his priorities...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The Commission prevailed at trial in a market manipulation case. The trial followed a series of settlements and a grant of summary judgment in the Commission’s favor as to one defendant. The remaining defendant, a former NFL...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The Commission prevailed on a summary judgment motion this week in a case based on an offering fraud. It also filed another settled FCPA action centered on gifts, travel and entertainment provided to healthcare professionals...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Hong Kong Stock Exchange Opens Doors to Russia-Incorporated Issuers"

On January 15, 2016, the Stock Exchange of Hong Kong Limited (HKEx) published its Country Guide on Russia and placed Russia on its list of “acceptable jurisdictions,” formally signifying that Hong Kong’s sole regulated stock...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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During the holiday period the SEC filed three insider trading cases as administrative proceeding. Three actions were brought involving major Wall Street banks; one centered on “parking” allegations involving Morgan Stanley...more

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