????過(guò)去兩,、三個(gè)月,，美國(guó)上市公司審計(jì)委員會(huì)（PCAOB）及美國(guó)證監(jiān)會(huì)（SEC）和中國(guó)監(jiān)管機(jī)構(gòu)在雙方存在爭(zhēng)議的問(wèn)題上一直三緘其口,，這些問(wèn)題包括審計(jì)工作底稿的歸屬和對(duì)在美上市中國(guó)公司及其審計(jì)機(jī)構(gòu)開展調(diào)查等事宜。

????7月初,，事情一度發(fā)展到了非解決不可的地步,。7月9日，SEC行政法法官就SEC起訴四大會(huì)計(jì)師事務(wù)所和德豪國(guó)際會(huì)計(jì)師事務(wù)所（BDO）一案召開聽證會(huì),。定于當(dāng)周在華盛頓召開的中美戰(zhàn)略與經(jīng)濟(jì)對(duì)話也將兩國(guó)證券行業(yè)監(jiān)管機(jī)構(gòu)僵持不下的問(wèn)題列入了議事日程,。

????中國(guó)監(jiān)管機(jī)構(gòu)率先做出讓步。中國(guó)證監(jiān)會(huì)告知SEC,，如果后者負(fù)擔(dān)郵費(fèi),，他們就可以移交20箱與東南融通（Longtop Financial Technologies）有關(guān)的審計(jì)工作底稿。美國(guó)財(cái)政部長(zhǎng)杰克?盧在中美戰(zhàn)略與經(jīng)濟(jì)對(duì)話期間宣布了這一突破性進(jìn)展,。但這次對(duì)話未能就向PCAOB開放審計(jì)調(diào)查渠道一事達(dá)成協(xié)議,。

????此前PCAOB曾和中國(guó)監(jiān)管部門商定，雙方將共享與本次審查有關(guān)的文件,，但在PCAOB開展調(diào)查方面雙方未能達(dá)成共識(shí),。審查只是PCAOB工作的一小部分，開展調(diào)查才是該機(jī)構(gòu)的主要任務(wù),。

????SEC本打算通過(guò)華盛頓地方法院迫使德勤（Deloitte）移交與東南融通有關(guān)的審計(jì)工作底稿,。但法院文件顯示，此案一直毫無(wú)進(jìn)展,。7月10日,，SEC將中國(guó)證監(jiān)會(huì)的態(tài)度告知該法院，隨后就再也沒(méi)有提交過(guò)任何文件,。

????SEC于去年12月3日起訴四大和德豪國(guó)際,。當(dāng)時(shí)，SEC表示,，法院將在300天內(nèi)作出裁定,。據(jù)我推算，這一天應(yīng)該是今年9月29日,。此外,，SEC確實(shí)在聽證會(huì)上稱，通過(guò)中國(guó)證監(jiān)會(huì)獲得審計(jì)工作底稿并不可行,。

????我猜測(cè)中國(guó)證監(jiān)會(huì)一直在忙著轉(zhuǎn)交審計(jì)工作底稿,，所涉及的公司都是導(dǎo)致SEC起訴四大和德豪國(guó)際的罪魁禍?zhǔn)住Ｎ翌A(yù)計(jì)中方的舉動(dòng)將使SEC撤訴,，并且同意由中國(guó)監(jiān)管機(jī)構(gòu)來(lái)決定誰(shuí)能接觸到中方的文件,。SEC不會(huì)喜歡這樣的局面，但他們別無(wú)選擇。我的預(yù)測(cè)可能有誤,，此案或許會(huì)在今后兩周內(nèi)出現(xiàn)重大進(jìn)展,，也有可能推遲最終期限。

????我認(rèn)為PCAOB在開展調(diào)查方面不會(huì)取得任何進(jìn)展,，中國(guó)監(jiān)管部門也不會(huì)同意在中國(guó)境內(nèi)實(shí)施聯(lián)合調(diào)查,，而且已經(jīng)有人告訴我中方官員做出了這樣的表態(tài)。我認(rèn)為中方相信自己在審查方面做出了可以接受的讓步,，而且這個(gè)問(wèn)題已經(jīng)得到了解決,。這也是媒體和市場(chǎng)對(duì)局勢(shì)的理解。我覺得PCAOB不具備能在這方面進(jìn)一步施加壓力的政治資本,，原因是擺在這個(gè)機(jī)構(gòu)面前的選擇似乎只有終極方案——取消中國(guó)公司的注冊(cè)資格,，把它們趕出美國(guó)市場(chǎng)。這種做法過(guò)于激進(jìn),。

????而投資者是最大的輸家,。需要通過(guò)審查來(lái)重塑人們對(duì)審計(jì)誠(chéng)信的信心。我認(rèn)為四大需要主動(dòng)提出解決辦法,。我在這里想給他們指明一個(gè)出路。

????依照薩班斯-奧克斯利（Sarbanes-Oxley）法案成立PCAOB之前,，對(duì)審計(jì)質(zhì)量的監(jiān)督都是在行業(yè)內(nèi)部進(jìn)行的,。四大遵循自我規(guī)范機(jī)制開展相互審計(jì)。從薩班斯-奧克斯利法案的角度而言,，這樣的自我規(guī)范并不奏效,，于是才有了PCAOB。雖然我也認(rèn)為自我規(guī)范存在一些問(wèn)題,，但它總好過(guò)完全依賴于公司的內(nèi)部控制,。

????我的建議是四大同意對(duì)彼此的美國(guó)業(yè)務(wù)進(jìn)行質(zhì)量控制審核，并由美國(guó)成員公司派遣審核人,。這些美國(guó)成員公司了解PCAOB的標(biāo)準(zhǔn)以及美國(guó)通用的會(huì)計(jì)準(zhǔn)則,，而這是開展質(zhì)量控制審核的必要條件。同時(shí),，審核結(jié)果應(yīng)公諸于眾,。

????It has been very quiet the past couple of months on the confrontation between the PCAOB/SEC and Chinese regulators over audit working papers and inspections for U.S. listed Chinese companies and their auditors.

????The issues were coming to a head in early July. The SEC case against the Big Four and BDO went to a hearing before the administrative trial judge of the SEC on July 9 and the standoff between U.S. and Chinese regulators was on the agenda of the Strategic and Economic Dialogue (SED) between the United States and China that was scheduled that same week in Washingtion.

????Chinese regulators blinked first in the standoff. CSRC told the SEC they would turn over 20 boxes of working papers related to Longtop Financial Technologies provided the SEC sent them money for postage. Treasury Secretary Jack Lew announced the breakthrough at the SED. No agreement was reached at the SED on access to conduct audit inspections by the PCAOB.

????The PCAOB had earlier reached agreement to share documents with Chinese regulators in connection with investigations, but reached no agreement on inspections. Investigations are a small part of the PCAOB mission; inspections are its main function.

????According to the court file, there have been no developments in the separate SEC case in U.S. District Court in DC where the SEC was seeking to compel Deloitte to turnover the working papers on Longtop. The SEC informed the Court of the CSRC notice on July 10 and nothing has been filed since.

????The SEC actions against the Big Four and BDO were filed on December 3, 2012, and the SEC said that a decision was to be made within 300 days. By my count, that is September 29. The SEC did say during the hearings that obtaining working papers through the CSRC was not workable.

????I speculate that the CSRC has been busy turning over the working papers for each of the companies that gave rise to the SEC charges against the Big Four and BDO. I expect that leads to the SEC dropping the case and accepting that access to Chinese documents will be at the discretion of Chinese regulators. The SEC won’t like that, but they are not getting an option. I could be wrong, and the case could blow up in the next two weeks, or the deadline could be extended.

????I do not believe that the PCAOB is going to make any further progress on inspections. I don’t believe Chinese regulators will agree to joint inspections on sovereignty grounds, and I have been told of Chinese officials saying as much. I think China believes it made an acceptable compromise in the investigations deal, and that the issue is settled. That is how the press and the markets have interpreted the situation. I don’t think the PCAOB has the political capital to push the issue any harder, since the only option they seem to have is the nuclear option – to deregister firms and kick Chinese companies off the U.S. market. The nuclear option is a step too far.

????Investors are the big losers. Inspections are needed to help restore confidence in the integrity of audits. I think that the Big Four firms need to step up and offer a solution. I offer a suggested way out.

????Before the PCAOB was formed by Sarbanes-Oxley, audit quality was monitored by peer review. The Big Four firms would audit each other in a system of self-regulation. With Sarbanes-Oxley the view was that self-regulation does not work and that gave rise to the PCAOB. While I agree that self-regulation has problems, it would be better than relying totally on internal firm controls.

????I propose that the Big Four agree to conduct quality control reviews on each other’s U.S. listings, using reviewers from the U.S. member firms. The U.S. member firms have the expertise in PCAOB standards and U.S. GAAP that is necessary to conduct the reviews. The findings of the reviews should be made public.