主题：从个人经历谈下朱相 -- 五福

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The audit quality for China's Big state-owned enterprises in late 1990s is much better and different: both the Chinese side and American side were very serious. Big 4 China's report is not fully trusted--Big 4 NY has a special taskforce whose sole job is to deal with new China IPO with investors and the SEC. That taskforce reviewed and gave a very hard time to those state-enterprises.

If my memory is correct, some audit report was finally issued by American NY office, NOT Big-4 China Division. The legal implication was also very different. hehe, you sound like a Big4 China person, you should know.

After 2003, many China IPOs are from private firms, under some special structures through tax havens. AND INVESTORS HAVE NO DIRECT SHAREHOLDING in the operating companies in China (again, very different from the 1990s China IPOs). Many are even through reverse merger, rather than formal IPOs.

Audit reports are also issued by Big 4 China, NOT Big-4 NY.