????最近，我為Forensic Asia撰寫了一篇題為《會計戰：中國的跨國法規》（Accounting Wars: Transnational Regulation in China）的文章。該文對我先前圍繞這一主題所寫的一些文章進行了總結。對于那些關注亞洲證券的人來說，我向你們推薦Forensic Asia。

????對于德勤的要求，美國證券交易委員會（SEC）作出的回應是：在SEC起訴其他四大會計事務所和德豪會計事務所（BDO）的案件解決之前，涉及東南融通（Longtop）工作底稿的案件也會繼續推進。SEC指出，這些案件的目標各不相同。在東南融通的案件中，SEC要求提供工作底稿。在行政訴訟過程中，SEC謀求譴責或撤銷公司在SEC執業的權利（第6頁）。

????一直以來，公司會計監管委員會（PCAOB）從未就此事發布任何信息。卡特彼勒（Caterpillar）一案中的慘敗將增加PCAOB解決審核問題的壓力，因為此事顯示了中國所存在的會計問題業已蔓延至跨國公司。卡特彼勒案件似乎是盡職調查的疏漏，而不是審計的疏漏。的確，卡特彼勒的審計方似乎沒有參與交易，而這一點在審計結束之前就已經鬧得沸沸揚揚。有報道稱，四大會計事務所中的兩家公司（而不是卡特彼勒的審計方）參與了盡職調查。

????未來幾個月內，香港標準水務有限公司（Standard Water）一案將有望判決。此案中，安永（Ernst & Young）以違反中國法律為由，拒絕向香港證券和期貨監察委員會（Hong Kong’s Securities and Futures Commission）提交工作底稿。香港標準水務案件與SEC起訴四大家的案件在性質上基本上相同，而且可能會在香港市場引發危機。盡管我認為SEC意欲將中國公司趕出美國證券交易所，但我并未察覺香港監管機構有這樣的打算。

????一位讀者對我說，很多在美國上市的中國公司希望改在香港上市，而這個舉動會面臨一個很大的障礙。其中的很多公司通過發行多種類別的股票以保持創始人的控制權，這種運作方式在香港（或其他大多數市場）顯然行不通。有一個簡單的解決辦法——取消為內部人士所做的特殊安排——而且這同時也將改善公司治理。（財富中文網）

????譯者：李翔

????I recently penned a piece for Forensic Asia called Accounting Wars: Transnational Regulation in China. It summarizes my previous writings on this topic. I recommend Forensic Asia for those who follow Asian securities.

????The SEC has responded to Deloitte’s request that the case related to Longtop’s working papers remain stayed until the SEC case against the rest of the Big Four and BDO is resolved. The SEC points out that the cases have differing objectives. In the Longtop case the SEC wants working papers to be produced. In the administrative proceeding the SEC is seeking to censure or revoke the right of the firms to practice before the SEC (page 6).

????There has been no news from the PCAOB. The recent fiasco at Caterpillar will up the pressure on the PCAOB to resolve the inspection situation, since it illustrates that accounting problems in China extend to multinationals as well. The Caterpillar case appears to be a failure in due diligence, rather than an audit failure – indeed Caterpillar’s auditor appears to have not been involved in the transaction, which blew up before an audit was completed. Reports have said that two Big Four firms (other than Caterpillar’s auditor) were involved in the due diligence.

????A decision is expected in the Standard Water case in Hong Kong in the next few months. In this case, Ernst & Young refused to turn over working papers to Hong Kong’s Securities and Futures Commission, citing Chinese laws that prohibit it from doing so. The Hong Kong proceedings ares virtually identical to the SEC allegations against the Big Four, and may create a crisis in the Hong Kong markets. While I believe the SEC is willing to kick Chinese companies off of U.S. exchanges, I can’t see Hong Kong regulators taking such a stand.

????A reader has pointed out to me that there is a major obstacle to many U.S. listed Chinese companies moving their listings to Hong Kong. Many of these companies use multiple classes of stock to keep control in the hands of founders. These arrangements are apparently not allowed in Hong Kong (or most other markets). There is an easy fix – get rid of the special arrangements for insiders – that will improve corporate governance at the same time.