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Chinese units of 5 big US audit firms charged


February 19. 2013 8:21PM
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(AP) Federal regulators have charged the Chinese affiliates of five of the biggest U.S. accounting firms with impeding the government's investigation of Chinese companies by refusing to turn over documents.


The Securities and Exchange Commission says it has started proceedings against the Chinese affiliates of all so-called Big Four accounting firms, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers, and a fifth major firm, BDO.


Hundreds of Chinese companies trade on U.S. stock exchanges. The SEC has been investigating many of them for possible accounting fraud. The agency says the accounting firms, which audit Chinese companies, have refused to cooperate in the investigations and to provide documents.


Calls to the accounting firms for comment drew no immediate response.


Associated Press


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