An article in the Oriental Morning Post on July 4 got everyone wondering if a deal had been cut on PCAOB access to China. It appears premature to reach that conclusion.
Here is the article in English and Chinese, translated by Stacy Chen, one of my graduate students.
The article cites a Big Four partner who speculates that an agreement will be reached. This seems to be based on the visit to China last week by SEC Chairman Mary Schapiro, which definitely took place (pictures here). There have been no announcements by the SEC or the PCAOB.
I hope progress was made, but I think the unnamed Big Four partner interviewed by the Oriental Morning Post may be irrationally exuberant.