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Investors can only hope the U.S. audit watchdog will bite, even if it doesn't bark.
投资者只能期待美国审计监管机构能够真正发挥作用，哪怕它现在不发出一点声音。
This month, the Chinese affiliate of Big Four accounting firm KPMG converted from a joint venture with the international firm to a local business with a majority of Chinese partners. Mandated by the Chinese government, the move marked a big change.
本月，“四大会计师事务所之一的毕马威(KPMG)中国附属机构从一家中外合作企业转制为合伙人多为中国籍的本土化企业。这次转制是在中国政府要求下进行的，是一次具有重大意义的变化。
In that case, the affiliate seemingly should have sought a new registration with the U.S. Public Company Accounting Oversight Board. Instead, it sought to effectively transfer its existing registration so that it can continue audit work for U.S.-listed Chinese companies or Chinese units of U.S. multinationals.
在这种情况下，毕马威的附属机构似乎本应谋求在美国上市公司会计监管委员会(U.S. Public Company Accounting Oversight Board，简称: PCAOB)重新进行注册。但它并没有这样做，而是谋求在事实上将现有注册地位转移到新机构中，以便能够继续为在美上市的中国公司或美国跨国公司的中国部门做审计工作。
The problem it sought to sidestep: The oversight board likely wouldn't approve a new registration because China continues to block it from inspecting local audit firms. That could have left some multinational companies with China operations and Chinese companies listed in the U.S. without a registered auditor in China.
附属公司想避开的问题在于，由于中国仍不允许PCAOB检查国内审计机构，该委员会可能不会批准它取得新的注册资格。这样一来，某些拥有中国经营机构的跨国公司、在美国上市的中国公司可能就无法在中国找到一家拥有注册地位的审计机构。
Yet the ability of the oversight board to inspect local firms is important for investors given the raft of frauds and accounting problems that have occurred at Chinese companies with U.S. listings.
然而，考虑到在美国上市的中国公司曾经发生的一系列欺诈案和会计问题，PCAOB能不能检查中国审计公司对于投资者来说是非常重要的。
Now, the onus is on the board, especially because Chinese affiliates of other firms likely will pursue similar moves. The KPMG affiliate's filing to continue as an existing registered firm doesn't require approval. But the board could object if there was a significant change in its structure, which seems to be the case.
现在，麻烦在PCAOB一方，尤其是因为其他事务所的中国附属机构可能也会采取转制行动。毕马威附属公司申请保留注册事务所的地位并不需要PCAOB批准。但如果该公司的结构发生明显变化（实际情况似乎正是如此），PCAOB是可以提出反对的。
So far, the board has been mute. It may be biding its time as Chairman James Doty negotiates with the Chinese government in hope of reaching an accord on inspections by year's end. But if the board stays silent too long, and gets played by the Chinese government, investors will be the losers.
目前为止，PCAOB还没有发声。委员会主席多蒂(James Doty)正跟中国政府谈判，希望在年内就检查事务所的问题达成一致。在此期间，PCAOB或许是在等候时机。但如果该委员会沉默时间太长，让中国政府占了上风，那么投资者将成为输家。
Investors can only hope the U.S. audit watchdog will bite, even if it doesn't bark.
投资者只能期待美国审计监管机构能够真正发挥作用，哪怕它现在不发出一点声音。
This month, the Chinese affiliate of Big Four accounting firm KPMG converted from a joint venture with the international firm to a local business with a majority of Chinese partners. Mandated by the Chinese government, the move marked a big change.
本月，“四大会计师事务所之一的毕马威(KPMG)中国附属机构从一家中外合作企业转制为合伙人多为中国籍的本土化企业。这次转制是在中国政府要求下进行的，是一次具有重大意义的变化。
In that case, the affiliate seemingly should have sought a new registration with the U.S. Public Company Accounting Oversight Board. Instead, it sought to effectively transfer its existing registration so that it can continue audit work for U.S.-listed Chinese companies or Chinese units of U.S. multinationals.
在这种情况下，毕马威的附属机构似乎本应谋求在美国上市公司会计监管委员会(U.S. Public Company Accounting Oversight Board，简称: PCAOB)重新进行注册。但它并没有这样做，而是谋求在事实上将现有注册地位转移到新机构中，以便能够继续为在美上市的中国公司或美国跨国公司的中国部门做审计工作。
The problem it sought to sidestep: The oversight board likely wouldn't approve a new registration because China continues to block it from inspecting local audit firms. That could have left some multinational companies with China operations and Chinese companies listed in the U.S. without a registered auditor in China.
附属公司想避开的问题在于，由于中国仍不允许PCAOB检查国内审计机构，该委员会可能不会批准它取得新的注册资格。这样一来，某些拥有中国经营机构的跨国公司、在美国上市的中国公司可能就无法在中国找到一家拥有注册地位的审计机构。
Yet the ability of the oversight board to inspect local firms is important for investors given the raft of frauds and accounting problems that have occurred at Chinese companies with U.S. listings.
然而，考虑到在美国上市的中国公司曾经发生的一系列欺诈案和会计问题，PCAOB能不能检查中国审计公司对于投资者来说是非常重要的。
Now, the onus is on the board, especially because Chinese affiliates of other firms likely will pursue similar moves. The KPMG affiliate's filing to continue as an existing registered firm doesn't require approval. But the board could object if there was a significant change in its structure, which seems to be the case.
现在，麻烦在PCAOB一方，尤其是因为其他事务所的中国附属机构可能也会采取转制行动。毕马威附属公司申请保留注册事务所的地位并不需要PCAOB批准。但如果该公司的结构发生明显变化（实际情况似乎正是如此），PCAOB是可以提出反对的。
So far, the board has been mute. It may be biding its time as Chairman James Doty negotiates with the Chinese government in hope of reaching an accord on inspections by year's end. But if the board stays silent too long, and gets played by the Chinese government, investors will be the losers.
目前为止，PCAOB还没有发声。委员会主席多蒂(James Doty)正跟中国政府谈判，希望在年内就检查事务所的问题达成一致。在此期间，PCAOB或许是在等候时机。但如果该委员会沉默时间太长，让中国政府占了上风，那么投资者将成为输家。
