The Securities and Exchange Commission may need to ban trading in about 270 China-related companies by early 2024. The reason for this can be traced back to the Enron and WorldCom accounting scandals.
Congress passed the Sarbanes-Oxley Act in 2002, mandating the oversight of auditors of public companies by the Public Company Auditing Inspection Board. More than 50 foreign jurisdictions allow the board to “audit auditors”. Not two: China and Hong Kong.