In yet another blow for the Hong Kong accounting industry, Hong Kong EY lost a case against the regulator SFC concerning mainland company Standard Water. Accounting expert Paul Gillis is amazed no negotiated deal proved to be possible.Read More →
The ongoing dispute where the China units of the Big Four accounting firms are banned from auditing US-listed companies, might drag into next year, fears accounting expert Paul Gillis, missing the fillings for April 2015. He pleads for a negotiated solution, but is not hopeful China and the US can work out a deal.Read More →
Many of the audits, even of State-Owned companies, are signed off by the Hong Kong offices of the larger accounting firms. China might now ban this practice, where mainland auditing teams would anyway do most of the work, writes accounting expert Paul Gillis at his weblog.Read More →
PWC is auditing Alibaba, but – writes accounting professor Paul Gillis at his weblog – it is very unclear whether the Hong Kong or the mainland offfice of PWC is doing the legwork. Officially it is the Hong Kong office, but Gillis has its doubts, and that might matter to the investors.Read More →
VIE structures are highly scrutinized and Beida professor Paul Gillis is fighting those structures via the Cayman Islands and other tax havens, although they need economic reforms to be iradicated. On his accounting website he looks at the IPO document Alibaba had to file and awards them the golden VIE standard.Read More →
Relaxing capital controls is needed fast, argues Beida professor Paul Gillis at his accounting weblog, as he analyses the position of Chukong Holdings Limited. They filed last week for a US IPO, but also use a so-called variable interest entity (VIE) structure, a source of many problems, argues Gillis.Read More →
Getting listed is notorious difficult for Chinese companies, because getting permissions in mainland China is tough. But there is hope, writes professor Paul Gillis in the Wall Street Journal, as regulators in China and Singapore recently signed an agreement to let private companies list directly. Now such an agreement is needed between China and the US.Read More →
Accounting is one of the industries that almost had to start from scratch, as China started to open up economically in the 1980s. But a annual growth of 22% shows that China keeps on investing in account, writes financial analyst Paul Gillis at his weblog.Read More →
The academic book The Big Four and the Development of the Accounting Profession in China by professor Paul Gillis of Peking University is available at his publisher or at Amazon. Paul Gillis is a thought leader on his profession in China and available as a speaker.Read More →
The world´s four largest auditing firms are up in arms, as their China division as the SEC rules against them. But the real victims are their Chinese clients, warns Peking University professor Paul Gillis on his accouting weblog. Not only listed firms, but all companies working with the big four.Read More →
Turmoil broke out when documents emerged detailing the use of offshore tax havens by China´s political elite, including family of current and previous top leaders. But there is no reason to assume this was illegal, says professor Paul Gillis of Peking University at the BBC.Read More →
Paul Gillis is a leading expert on accounting and auditing issues in China. As a retired partner at PWC (1976-2004) he teaches accounting, auditing and finance at the Guanghua School of Management at Peking university since 1997. He travels from Beijing.Read More →