China Auditors See Settlement Nearing in Standoff With SEC

The SEC filed an administrative action against the auditors
in 2012 after struggling for years to obtain information for
dozens of probes of China-based companies.

After an agreement in May 2013 between the two countries
allowed some information to be shared, the accounting firms
argued, unsuccessfully, that the SEC was getting what it needed
and that the case jeopardized the listings of hundreds of
Chinese companies trading in the U.S.

The order on the SEC’s website says that the agency and
firms agreed that “substantial progress already made towards
settlement has increased significantly.” They said they expect
their request for a 70-day extension of the administrative case
to be their last.