This case may let American investor butt joint get Chinese accountant the Chinese enterprise of place audit is trustful rate is lower -- even if is through 4 congress the Chinese orgnaization of plan division place.Baby Carrier Ergo

American negotiable securities trades committee (SEC) an indictment, make all Chinese enterprises that appear on the market in the beauty are immersed in uneasiness.

SEC5 issues announcement 9 days month, the De Qinhua that sues headquarters to be located in Shanghai always accountant office (the following abbreviation " De Qin Shanghai " ) fail to set according to American law, forward person submit audit working paper, and one when these files and SEC are investigating appears on the market in the beauty the case height that Chinese company experience gains finance affairs to make a holiday is relevant.

"All abroad accountant offices that register in the United States must realize, once agree to be in the United States to appear on the market as public accountant general affairs of one's own accord,company treasurer controls committee (PCAOB) register, accountability the relevant code that abides by law of American negotiable securities, this is very important. " SEC executes the law Scott Friestad of department assistant inspector general expresses when accepting our newspaper reporter to interview that day.

This is SEC first time abide by the United States in order to fail Sabansifa case for the 106th regulation, the abroad accountant office that is not in the United States to a headquarters initiates compulsive lawsuit. The legal precedent of this case future, 52 all Chinese accountant offices that reach the influence to be registered in PCAOB at present (include Hong Kong) .

De Qin Shanghai is international 4 big accountant one of place the orgnaization that office of De Qin accountant is located in Shanghai. Headquarters of De Qin new York Jyoti Chopra of a spokesman said to our newspaper reporter that day: "Office of accountant of De Qin United States and the office that its are located in Chinese Shanghai are two independent legal person, former do not need to be in charge of directly to this case. Former do not need to be in charge of directly to this case..

The media statement that De Qin issues subsequently expresses, chinese law sets, without approving any Chinese accountant the office must not superintend an orgnaization to offer any documents to the foreign country. Sino-US negotiable securities superintends jural conflict,Baby Carriers Ergo or bring about SEC investigating similar China concept on the problem cannot obtain evidence adequately. This will be in the China of bad old practices die hard concept the one disaster after another on trustful crisis.

Gentleman and Hao Yong of copartner of attorney office new York think, concept of the China before this create false problem because of all sorts of exposure, do not suffer on American capital market wait for see, and the Chinese company that this case may allow American investor butt joint to suffer audit of Chinese accountant office trusts rate is lower -- even if is through 4 congress the Chinese orgnaization of plan division place.

Ask for draft two years to was not become

Be aimed at this case, SEC had connected two years many with the trench on De Qin.

"We had worked for a long time for this, undertake communication with the attorney that represents De Qin Shanghai all the time, but do not have any progress from beginning to end. " Scott Friestad tells a reporter, since April 2010, the staff member of SEC gathers the relevant evidence of an investigation case that having through all sorts of channel, and the investigates object employ accountant place that De Qin Shanghai is SEC.

Scott Friestad rejects to divulge to which the experience record company related to this is, but he affirms, this is a Chinese enterprise that appears on the market in the United States, involve the potential financial problem that make a holiday.

Media statement of De Qin also shows,baby ergo sale this is one furniture the company is registered what have Chinese background in the beauty.

This lets a person think of last year in September, SEC Ceng Zhen applies for to issue subpoena to the court to De Qin Shanghai, ask its are offerred and Longtop finance affairs makes the file related feigned case, but be rejected by latter.

Longtop was last year in without exception first is criticized to make a holiday China company in doing empty tide. May 2011, after in Longtop doubtful place is exposed, de Qin Shanghai announces resignation, before weighing this, issue for Longtop 2008 to 2010 audit report all cannot trust. Subsequently SEC asks De Qin offers the relevant audit document of Longtop, de Qin Shanghai rejects obedient subpoena, last year on September 8, SEC applies for to be carried out compulsively to Colombian regional court, but at present this case still pendent.

Nevertheless, scott Friestad firm call the case that prosecutes this and Longtop one case " very different " , also make clear to there is direct connection between these two cases without evidence at present.

But he expresses, in case investigation, be faced with likewise it is difficult to obtain evidence.

SEC delivers subpoena to headquarters of De Qin United States, but latter has nothing to do with its with this matter for carry out without law obedience. After this, SEC tries to pass headquarters of De Qin United States and contact of De Qin Shanghai.

"What we ask for to the other side is its arrived 2008 the audit working paper 2010, but did not obtain any documents from this office up to now. " Scott Friestad says, "The involves this company financial problem that we are investigating, and the document that demand will is opposite in us main effect has in the judgement of the financial problem of this company. And the document that demand will is opposite in us main effect has in the judgement of the financial problem of this company..

And respect of De Qin Shanghai expresses to our newspaper, inspect met Chinese card once answered 2010 the requirement of SEC, to De Qin Shanghai is asked for involve this to be investigated

The carbon of a series of files of the enterprise. At that time, de Qin Shanghai submitted these documents Chinese card inspect to meet,Ergo Baby Carriers Sale how are hope latter and SEC handed over and use these files to come to an agreement. But regretful is, both did not reach relevant agreement. 2011, SEC asks for these files to De Qin Shanghai directly, be rejected by De Qin, this ability caused the litigation nowadays.

It is SEC uses American Sa squad first this this 106 clauses are opposite act abroad accountant to lodge a complaint, also be much 2010 heart - Frank act is right of this clause after applying limits enlarge to be amended greatly apply first.

Scott Friestad predicts to be able to be in the SEC inside next year at least before judicial order with respect to this picket new case holds hearing of witnesses, after this case will move send a court.

"If SEC wins victory, so the court will make corresponding punish to the accused. " he expresses, be being forecasted very hard still at present will be what kind of punish, but if serious word, "The likelihood is to stop the accused to be inside SEC limits all and formal hold trade act " . This means De Qin Shanghai to will not be engaged in appearing on the market in the beauty again the audit of the company works.

Scott Friestad says: "Our action won't affect PCAOB to whether make the decision that removes sb's name from the rolls this office directly, but can affect this office to did not come inside SEC limits potentially hold industry capacity. There is so similar incident before this had happened. There is so similar incident before this had happened..

Colleen Brennan of inspector general of department of PCAOB public general affairs tells our newspaper the reporter, as a result of this case sueing is the action that SEC mentions, PCAOB cannot publish any comments.

Two countries law conflicts

"In the mutual conflict that De Qin Shanghai is in two disparate jurisprudence. Accordingly this is not a case that is aimed at De Qin Shanghai, however problem of an industry applicable to both or all. " Jyoti Chopra expresses to the reporter.

The Sabansifa that began to carry out 2002 awarded the congress outside obtaining plan division place to SEC the great power of working paper. According to this one clause, if accountant place is SEC to register,be in book the company offers opinion of financial report audit, its audit opinion is trusted by other office and perhaps apply, so this office is accountability offer corresponding draft to SEC.Louis Vuitton bag Outlet

And the Dodd that passed 2010 - clause of Frank act 929J enlarges the influence of SEC further, the materiality that accountant of any a foreign country offer serves, once be in by other and public accountant,evidence serves as in audit of annals, metaphase and other audit behavior, so former can get of SEC administer.

And De Qin in Longtop one case is mixed in this case all argue says, according to China " the country is confidential law " regulation, if it gives these file movement China, meet lawbreaking, likelihood by lawsuit of criminal of be involved in. These files accord with a country in confidential law 7 kinds " the state is private " limits.

"This is the regulation of a relatively wide extensive only, without specific provision the regulation involves this particular situation. " Hao Yong expresses.

But last year October, longtop case obtains evidence after disturbance happening, chinese Ministry of finance and card inspect can ask foreign capital is in China its are opposite accountant place check China appears on the market in the beauty the audit that the company has works, ask whether they once were offerred foreign superintendency section to superintendency department report.

"The problem that this De Qin Shanghai encounters, involve the conflict between jurisprudence of Sino-US two countries. " Hao Yong expresses, "Common ground says, american law is in charge of more widely. American law is in charge of more widely..

He thinks, american negotiable securities trades what superintendency jurisprudence thinks he wants to protect is American investor and citizen of other United States, it is in some sense " the principle that belong to a person " , want to involve the boy or girl friend that wants protection only, they are not in even if American mainland also is same. Under photograph comparing, chinese law is basic it is apanage principle, only right the accountant of this locality is all jurisdictional force.

Scott Friestad emphasizes: "We pay close attention to American law only. (De Qin Shanghai) in the United States (PCAOB) register, must want to abide by the law here, but apparent they were not accomplished. But apparent they were not accomplished..

In without exception new trustful crisis

Bilateral law conflict brings about it is difficult to obtain evidence, it is pair of China concepts another blow.

Although SEC has hope very much to coming lawsuit, dan Haoyong points out, because what implement a court decision each other is lack to concern bilateral agreement between Sino-US two countries, because court of this even if adjudicates somewhat to the case, still cannot carry out possibly finally.

And only possibility gets SEC administer headquarters of De Qin United States, the legal person that because He Deqin Shanghai is mutual,becomes independent however is hypostatic, won't get temporarily any punish.

Scott Friestad emphasizes to the reporter, because be in this particular law case, de Qin Shanghai is the office that the company offers audit and issues audit report to be investigated, it is only defendant.

"Internationally the legal person that large accountant office registers respective independence in each countries is hypostatic, mutual between be in jural without connection, the part also is to answer with avoid such problem, but investor can be used because of them however same a brand and by misdirect. " Hao Yong says.

This makes American investor right in China the degree of belief of place reduces 4 big accountant again, be opposite jointly by them of audit appear on the market company degree of belief sells at a discount greatly. "Nevertheless (Chinese concept) the situation is bad also before, also won't go where badly again now. " Hao Yong expresses.

Look at present, solve obtain evidence one of feasible ways of the problem, it is both sides reachs the audit that cross a state to superintend cooperative agreement.

Last year July, SEC and PCAOB once can have undertaken with Chinese Ministry of finance and card inspect audit is crossed concerned condition superintendency talk. The focal point that both sides negotiates, it is how to solve the United States to superintend an orgnaization to cannot go to the United States to appear on the market to China the problem that enterprise and its audit orgnaization have superintendency, at the same time discussion United States superintends the feasibility that auditor of orgnaization guiding China and office undertake the spot is examined.

Chairman PCAOB James R.Doty is expressing publicly in October in those days, if cannot concern a branch to come to an agreement with China quite, will consider to use United States Congress to gift so their step will protect American investor.

Zhou Qin industry ever showed vise general manager of Shanghai stock exchange,louis vuitton outlet store according to archives law of China and confidential law, we cannot be accepted at present step condition inspection.

After this, ceaseless Xiang Zhongfang uses American field pressure, and be in what SEC sued De Qin Shanghai on May 9 before one day, james Doty hopeful express, its and Chinese card inspect are met and the dialog of the Ministry of finance gained headway, just be opposite in observation of the member that beautiful square clique just has agreed in the superintendency action of accountant place.

The beautiful couplet that announced on May 9 puts forward in Chu Shengming: "Sino-US superintendency branch appears on the market to be in the audit of the enterprise superintends a respect to strengthen cross condition collaboration, in discussing continuously, beautiful couplet store council expects this kind of collaboration negotiates to be begun in time.

Under contrast, of course of study of Bank of China cross a country to superintend collaboration to go earlier. Current, inspect met Chinese silver had built the bank that cross a state to superintend cooperative relation with at least 25 countries.

Beautiful couplet store announcing 9 days to approve project travel and in cast, collect gold to buy bank of American East Asia point out designedly in the statement accessory of 80% equity, the accountant that proves trade of Bank of China without evidence at present and audit work are undeserved reliance, point out at the same time, in the light of 4 big accountant the doubt of place ought not to exceed specific case category.

Read related

[legal difference is Sino-US cross complicated and confusing of condition audit negotiation]

According to money new network reported on May 10, the United States appears on the market the company superintends committee (PCAOB) the chairman is much enlighten express 8 days, the United States just is met with Chinese card inspect and the dialog of the Ministry of finance gained headway, china of the beautiful square observation that send a person just agrees to act to the superintendency of accountant office in.

Our newspaper reporter tries 10 days to contact card inspect for many times spokesman of meeting, Ministry of finance, did not get in touch before cut stalks of grain, fail to confirm above information. But a card inspect that does not wish to disclose a full name is met personnel expresses to our newspaper reporter, he did not hear Sino-US audit is superintended have afore-mentioned progress.

"Meet without American card inspect up to now personnel will participate in Chinese card inspect to be able to be opposite the superintendency behavior of Chinese company or accountant office. " the card inspect that should not wish to disclose a full name meets a personage express to our newspaper reporter.

Sino-US cross condition audit collaboration to negotiate from formal last year open, still have no up to now specific shaping agreement comes on stage. And SEC was opposite on May 9 De Qinhua always accountant office (Deloitte Touche Tohmatsu CPA Ltd. , the following abbreviation " De Qin Shanghai " ) sue, the conflict of adumbrative reality is worsening further, again the critical sex that protruding showed audit collaboration to negotiate.

Time of Beijing of De Qin Shanghai releases statement 10 days to say, american negotiable securities trades committee (abbreviation " American card is handed in meeting " ) the account that takes newest action, depend on the conflict that law of Sino-US two countries exists and difference merely. "This American card hands in what the litigant backside belt of the meeting goes out is the problem of whole industry, not heart of be confined to is diligent Hua Yong. Not heart of be confined to is diligent Hua Yong..

Card inspect is narrated to meet a personage disclose to our newspaper reporter before, meeting general calls together inspect of card of near future China inspect of card of global each country can come China.

Legal difference is Sino-US cross complicated and confusing of condition audit negotiation

The United States 2002 " Sabansiaokesili act " (Sarbanes-Oxley Act) requirement, assume appear on the market in the beauty the office of firm audit professional work, must send year of careful the report to PCAOB newspaper regularly, accept daily examination and special investigation.

And 9 days to De Qin sueing is SEC first time abide by this act in order to fail for the 106th regulation, the abroad accountant office that is not in the United States to a headquarters initiates compulsive lawsuit.

Xue Lei of institute of economy of world of institute of Shanghai international problem expresses to our newspaper reporter,Louis Vuitton Outlet american law and the property that American card inspect meets, decided American card hands in those who meet this to sue accord with American law to set.

Xue Lei expresses, the Yingmeifa with American applicable place fastens wider to jurisdictional regulation extensive, effect of behavior place generation is in what can accept the United States namely inside beautiful territory administer. In the meantime, american card is handed in can be accurate judicatory orgnaization, a series of adjudication that if ask the enterprise retreats city to wait,can make inside its oneself scope of business.

However, de Qin China releases statement to say, "Superintend the specific provision of the orgnaization according to Chinese law and China, without Chinese government permission, chinese accountant office does not superintend an orgnaization directly to offer a document to any foreign countries.

Zhou Qin industry ever showed vise general manager of Shanghai stock exchange, according to China " archives law " and " confidential law " , we cannot be accepted at present step condition inspection. This thing needs a negotiation.

Xue Lei expresses, china includes " archives law " , " confidential law " and " national secret law " inside law wider to national classified definition extensive, the commercial secret of a few keys also can decide for national secret.

Some does not wish to divulge the 4 old staff members of the full name express to our newspaper reporter, "Before 4 old staff members are accepting item of all center look forward to, want to sign detailed confidential agreement with this company, and the protection of law of this law in keeping secret the agreement gets. And the protection of law of this law in keeping secret the agreement gets..

This staff member expresses, eliminate center look forward to, any companies that involve the sensitive trade that waits like communication, also can ask to sign same confidential agreement, and these companies appear on the market very likely in the United States, appear to superintend regular conflict with the United States.

"Or violates Chinese law, or violates SEC regulation, can see Sino-US law has apparent jackknife and conflict here, superintend the harmonious collaboration ability of the layer to solve only. " Xue Lei tells our newspaper the reporter.

Talk things over wait for advance

Came 10 days on May 9, 2011, in the 3rd round of Sino-US strategy and economic dialog, cross condition audit to superintend collaboration to be included economic dialog to combine achievement circumstance to explain first, this mark is worn the formal open of bilateral negotiation.

This achievement specification expresses: Both sides welcomes two countries authority concerned, appear on the market for two countries the superintendency problem of the accountant office that the company provides audit to serve, continue to begin a dialogue, strive for cross condition audit to superintend collaboration to come to an agreement, both sides agrees with a joint efforts to accelerate this one process.

American negotiable securities trades committee (SEC) appear on the market with the United States company treasurer superintends committee (PCAOB) will visit in July in 11 years China when, ever can have undertaken with Chinese Ministry of finance and Chinese card inspect audit is crossed condition superintended talk. Both sides negotiates a focal point is how to solve the United States to superintend an orgnaization, cannot go to the United States to appear on the market to China the problem that enterprise and its audit orgnaization have superintendency, at the same time discussion United States superintends the feasibility that auditor of orgnaization guiding China and office undertake the spot is examined.

Zhou Qin course of study discloses, the result that talks at that time, it is the accountant censorship that allows the United States to just accredit observer to attend China, do not have those who involve other and more form to cross condition superintend.

It is beyond the United States,Louis Vuitton Factory Outlet 87 countries and area have the whole world Wu of more than 890 housekeeping is in PCAOB to register, be engaged in the United States in order to obtain appearing on the market the qualification of firm audit professional work. This committee trades negotiable securities of associated United States committee (SEC) wait for superintendency branch, the examination is involved appear on the market in the beauty the audit behavior of company business, whether to accord with American relevant code and standard. At present more than 40 country and area sign combination to superintend frame to it, include Hong Kong special zone and China Taipei among them.

Occupy our newspaper to reported last year, the agreement carries out medium problem to wait for a country to still happen in great quantities in the Brazil that already concluded a treaty, Japan, India, Russia. Divide China beyond, with the agreement of the European Union the negotiation already also was advanced old.

Card inspect is narrated to meet a personage disclose to our newspaper reporter before, meeting general calls together inspect of card of near future China inspect of card of global each country can come China. (Zhang Han Yu Meng)

(Article origin: 21 centuries economy reports an author: Foliaceous Hui Jue)jingruitt