"The [audit] deficiencies [we] identified in one of the audits reviewed included a deficiency of such significance that it appeared to the inspection team that [Sherb] did not obtain sufficient competent evidential matter to support its opinion on the Issuer's financial statements."This was for a U.S. audit, not one done in China. In the same report, Sherb responded to the PCAOB's criticisms by saying it was "dedicated to achieving the highest level of audit quality. In that regard, we feel we share the PCAOB's goal of using the inspection process as a means of improving audit quality and as a result the reliability of financial reporting."
SEC's Smart Step at Fighting China Fraud
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