The Public Company Accounting Oversight Board (PCAOB) signed a Statement of Protocol with Communist China authorities concerning inspections and investigations of audit firms based in Communist China and Hong Kong, which reflects the Chinese Communist Party (CCP) has surrendered completely to the US on three counts in diplomacy.
1) As the CCP has been fabricating everything, its consent to “under reciprocity condition,” which means the US has the conn, will place itself at the mercy of its opponent.
2) The legal issue will be brought to the forefront. Due to previous forgery and corruption, all audits and law firms involved are bound to confront three challenges, judicial cooperation, judicial non-cooperation, and the degree of cooperation transparency.
3) The financial and accounting systems between Communist China and the West are completely irreconcilable, like the relationship between a predator and prey, so the cooperation between them is a fantasy. The CCP, which is already on the gallows, will only completely capitulate and lose its last chip.
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