SEC's Gensler Calls US-China Audit Deal Unprecedented

The video discusses the importance of financial data oversight in capital markets, highlighting the need for auditor checks. It covers the US-China agreement allowing auditor inspections, driven by bipartisan efforts in the US Congress. Constructive dialogues with China aim to ensure compliance, with future inspections planned to assess success by December.

Why is it important for financial data to be audited?

• To reduce taxes

• To ensure accuracy and reliability for investors

• To comply with international trade laws

• To increase company profits

What was the consequence set by the US Congress if China did not comply with auditor inspections?

• Increased tariffs on Chinese goods

• Chinese companies would have to leave US capital markets

• A ban on Chinese imports

• A diplomatic meeting with Chinese officials

Which US senators were mentioned as leading the bipartisan effort for compliance?

• Senators Smith and Johnson

• Senators Green and Blue

• Senators Van Holland and Kennedy

• Senators Brown and White

What is the main goal of the agreement with China regarding auditor inspections?

• To increase trade between the US and China

• To allow US inspectors to check Chinese auditors' work papers

• To reduce the number of Chinese companies in the US

• To improve diplomatic relations

By when is it expected to know if the compliance with the agreement is successful?

• By the end of November

• By the end of October

• By the end of September

• By the end of December