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U.S. Audit Watchdog Chief Visits China Amid Renewed Scrutiny

Published: Oct. 23, 2026 12:47 a.m. GMT+8

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CRSC Chairman Wu Qing and Vice Minister of Finance Guo Tingting meet withPCAOB Chairman Demetrios Logothetis in Beijing on Oct. 14, 2026. Photo: CSRC

The head of the U.S. audit watchdog visited China for the first time last week to observe inspections of accounting firms and meet senior financial regulators, as Washington steps up scrutiny of a bilateral audit oversight agreement.

Public Company Accounting Oversight Board (PCAOB) Chairman Demetrios Logothetis spent four days in China, observing inspections in Shanghai and meeting China Securities Regulatory Commission Chairman Wu Qing and Vice Minister of Finance Guo Tingting in Beijing on Oct. 14, the board disclosed on Wednesday.

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U.S. PCAOB Chair Demetrios Logothetis made his first visit to China, observing audits in Shanghai and meeting senior regulators in Beijing on Oct. 14 to sustain the 2022 bilateral audit oversight agreement.
Talks focused on cross-border audit cooperation and full U.S. access to Chinese firms' work papers; Logothetis affirmed rigorous standards, not compromising due to location.
Since 2022, PCAOB inspections have found deficiencies (KPMG Huazhen, PwC HK) and imposed sanctions; 399 Chinese companies are listed in the U.S. with $890.6 billion market cap.

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Who’s Who

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What Happened When

late 2022：: The PCAOB secured full access to inspect Chinese accounting firms on the Chinese mainland and in Hong Kong under the 2022 agreement.

May 2023：: The PCAOB issued its first inspection reports under the agreement, identifying significant deficiencies in audits by KPMG Huazhen LLP and Hong Kong's PricewaterhouseCoopers.

March 2024：: The PCAOB sanctioned three KPMG Huazhen partners over flawed audits of Tarena International Inc.

July 2025：: U.S. lawmakers called for a review of whether the audit oversight arrangement adequately protects American investors.

February 2026：: Logothetis took office as PCAOB Chairman after a 40-year career at Ernst & Young; SEC Chairman Paul Atkins stated that oversight of Chinese company audits would be a priority for the PCAOB's new leadership.

Oct. 14, 2026：: PCAOB Chairman Demetrios Logothetis met China Securities Regulatory Commission Chairman Wu Qing and Vice Minister of Finance Guo Tingting in Beijing, following a four-day visit observing inspections in Shanghai.