PCAOB Issues Staff Guidance Targeting Registration Process for Some Non-U.S. Firms

The Public Company Accounting Oversight Board June 1 issued updated staff guidance on the registration process for audit firms applying to register with the PCAOB from non-U.S. jurisdictions in…

Chinese Bar Against PCAOB Inspections Poses Risk for U.S. Investors, Acting Chairman Says

Prohibitions against the Public Company Accounting Oversight Board inspecting the work of auditing firms in China raise the possibility that, as more Chinese companies operate and file financial reports in…

U.S. Buyers of European Stock Blocked from Suing in U.S. Courts

As the U.S. Supreme Court considers the extraterritorial reach of the U.S. securities laws, the U.S. District Court for the Southern District of New York ruled March 26 that a…

U.K.-Based Defense Contractor to Pay $400 Million Fine Over Bribes to Foreign Officials

U.K.-based defense contractor BAE Systems plc March 1 pleaded guilty to charges it bribed foreign officials to gain or retain business in violation of the Foreign Corrupt Practices Act and…

SEC Supports, but Delays, Move to International Accounting Standards

The Securities and Exchange Commission Feb. 24 voted unanimously to issue a statement making clear its commitment to a single set of globally accepted…

District Court to Hear Fraud Claims by Norwegian Municipalities Against Citigroup Entities

Applying the “conduct test,” the U.S. District Court for the Southern District of New York concluded Feb. 17 that it has jurisdiction over a securities fraud suit by seven Norwegian…

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