Sherman Statement on PCAOB’s Agreement with Chinese Authorities

Washington, D.C. – Today Congressman Brad Sherman (D-Sherman Oaks), Chair of the House Financial Services Subcommittee on Investor Protection and Capital Markets, issued the following statement upon the announcement that the Public Company Accounting Oversight Board (PCAOB) signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the People's Republic of China.

"This agreement represents a first step in addressing a major gap in our audit oversight framework that has threatened American investors for over a decade. But as Chair Williams has said, it is only a first step," said Congressman Sherman. "I look forward to working with and supporting the PCAOB in making sure that Chinese authorities and audit firms live up to their commitments under this agreement."

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