The U.S. Securities and Exchange Commission has accused five Chinese accounting firms, including affiliates of the United States’ “big four,” of refusing to produce documents related to an agency investigation of fraud.
The SEC on December 3 initiated administrative proceedings against the companies, claiming they violated the Securities and Exchange Act and the Sarbanes-Oxley Act for failing to produce audit paperwork related to an SEC investigation of alleged accounting fraud against U.S. investors.
