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SEC Agrees to Hear China Group’s Appeal for Audit Firms

Tammy Whitehouse | August 5, 2014

The Securities and Exchange Commission has agreed to hear out a China-based association of publicly listed companies as they appeal to the SEC to reconsider its six-month ban on China-based audit firms.

Zhongguancun Listed Companies Association has petitioned the Securities and Exchange Commission to make a case for how companies in China will be harmed if the SEC proceeds with its planned ban on the China-based audit firms for refusing to produce work papers demanded by the SEC to investigate accounting allegations. SEC’s Division of Enforcement urged the commission to ignore ZLCA’s appeal, but SEC Deputy Secretary Lynn Powalski signed an order permitting ZLCA to file an “amicus brief,” or a brief submitted by...

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