The world's four top accounting firms have issued a joint statement, saying they intend to appeal a ruling by the US Securities and Exchange Commission. The commission has recommended the suspension of the firms' China units for six month.
Deloitte, Ernst & Young, KPMG and PriceWaterhouseCoopers, the "Big Four", say they will seek a review by the SEC Commission without delay. The decision will not be final or effective until it’s approved by the full commission.
Until then, the Big Four say they will continue to serve all their clients without interruption. In a strongly-worded brief, the SEC condemned the China affiliates of the Big Four firms for refusing to provide audit documents related to China-based companies under investigation for accountancy fraud.
After the court ruling, share prices of dozens of Chinese stocks listed in the US slumped.