May 24, 2013
Steve Rapattoni, Partner-in-Charge of the Irvine Office, Featured in the Orange County Business Journal Article "Accountants Talk Business in Upturn"
The U.S. Public Company Accounting Oversight Board announced a deal Friday with Chinese regulators to access documents held by Chinese auditors, defusing but not fully resolving serious disputes with China.
The Memorandum of Understanding with the China Securities Regulatory Commission and China's Ministry of Finance will let U.S. and Chinese regulators request and get help from each other in obtaining documents for their investigations.
"This agreement with China is an important step toward cross- border enforcement cooperation that is necessary to protect the interests of investors in U.S. capital markets," PCAOB Chairman James Doty said in a statement.
Reaction to the deal in accounting and investment circles was generally upbeat.
"I don't think you can say anything but great," said Drew Bernstein, co-managing partner of global accounting firm Marcum Bernstein & Pinchuk. "It's probably not as much as some people would have liked to have seen. But I think you have to give (U.S. and Chinese officials) a lot of credit for getting it this far."