The SEC in the US has sanctioned the Chinese branches of the Big 4 accounting firms for failure to disclose documents related to an investigation of potential fraud. The units had been suspended from auditing US-traded firms for six months. However, this latest SEC action removes the ban but imposes a fine of $500,000 each.
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Pillar two might be top of mind for many multinational companies, but the huge variations between countries’ readiness means getting ahead of the game now, argues Russell Gammon, chief solutions officer at Tax Systems.