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Paul Leder Quoted in The Wall Street Journal on PCAOB Inspections of China-Based Firms

"U.S. Regulator Says It Has Access to Audit Papers of Chinese Companies"

Wall Street Journal

Paul Leder, former Director of the U.S. Securities and Exchange Commission's Office of International Affairs, commented in The Wall Street Journal about the announcement by the Public Company Accounting Oversight Board that it has been permitted to inspect China-based audit firms for the first time in history. Leder noted that the Chinese authorities likely had provided full access in order to avoid the impact of their markets from the delisting of Chinese companies from U.S. exchanges. "[The Chinese authorities] did a 180-degree reversal. They went from no cooperation to apparently full cooperation…I don't know if they will just accept this going forward or if they will look for opportunities to push back."