May 14, 2012
Drew Bernstein, Co-Managing Partner of Marcum Bernstein & Pinchuk, Featured In CFO Journal Article "Auditors Cautiously Optimistic on Chinese Restructuring Plans"
Audit industry professionals are cautiously optimistic that recent changes to the audit market in China could actually improve the quality of audits in China going forward. The changes, designed to rapidly increase the prominence of Chinese leadership at the Big Four firms, could initially prove awkward, but over the long-term might help China boost its ranks of qualified accounting professionals.
“I think it’s well-intentioned,” Drew Bernstein, co-managing Partner of audit firm Marcum Bernstein & Pinchuk in China, said of the rule changes. “Investors have a lack of confidence in China right now, so I see it as an effort to make some adjustments in order to enhance the credibility of their market because the capital is all dried up.”
Marcum’s Bernstein said audit firms in China have gotten more stringent over the past 18 months in focusing on issues related to cash, accounts receivables and monitoring of related-party transactions.