ASA Welcomes PCAOB Determination, Applauds House and Senate Leadership

Thanks to House Financial Services Committee Chairwoman Maxine Water for her push to include Accelerating Holding Companies Accountable Act (AHFCAA) in the omnibus funding bill.

WASHINGTON, D.C. – Today, the American Securities Association (ASA) released a statement regarding the Public Company Accounting Oversight Board (PCAOB) securing access to inspect and investigate China and Hong Kong-based public accounting and audit firms.

“Thanks to Senator Kennedy and Rep. Sherman’s Holding Foreign Companies Accountable Act (HFCAA) of 2020, the PCAOB can audit companies controlled or influenced by the Chinese Communist Party,” ASA CEO Chris Iacovella said. “While HFCAA made this access possible and we hope it continues, we fully support House Financial Services Committee Chairwoman Maxine Water’s push to include Accelerating Holding Companies Accountable Act (AHFCAA) in the omnibus funding bill because it would reduce the time non-compliant Chinese companies can continue to pose a risk to American investors.”

ASA has been a longstanding partner to Congress in leading efforts to end China’s fraud on U.S. markets. ASA has called on the SEC to swiftly and fully implement HFCAA, a bill in which ASA was the lead advocate, sent a letter to members of the Financial Services Committee ahead of a hearing examining risks China poses to American investors and U.S. capital markets, and sent a letter encouraging the House Financial Services Committee to consider of the (AHFCAA).

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