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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Hany Elnaggar examines how Gulf Cooperation Council countries are internalising transfer pricing norms within evolving fiscal systems shaped by both Islamic and international influences
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