The Public Company Accounting Oversight Board (PCAOB) said in hindsight at a recent budgetary meeting that the board and Chinese regulators are close to securing an agreement wherein US inspectors will be reviewing audits made by the Chinese accounting firms, including the local units of PricewaterhouseCoopers, KPMG, Deloitte and Ernst & Young.
The US Food and Drug Administration is currently in the process of drafting a proposed legislation to regulate e-cigarettes, the popular alternative to tobacco and nicotine patch.
A Businessweek report said federal and state legislators are having difficulty on addressing accounting concerns of businesses dealing legal marijuana. Four US senators recently submitted a proposal for the state to create a dedicated bank that will accept transactions of legal marijuana businesses.
Credit Suisse CEO Brady Dougan reiterated one of his plans to reduce the bank's annual costs by CHF4.5 billion after reporting a less than stellar fourth quarter results on Thursday.
