The Public Company Accounting Oversight Board warns accounting firms registered in the U.S. that their audits of foreign companies, particularly Chinese companies, may not be in accordance with PCAOB standards if the company tapped U.S. capital markets through a reverse merger. "In some cases PCAOB inspection teams have identified significant audit deficiencies and, as necessary, made appropriate referrals for enforcement to protect investors' interests in reliable audit reports," PCAOB Chairman James Doty said in a statement.

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