Businesses of all types and sizes throughout the United States, Mexico and beyond bring their disputes to Gardere's litigation team and receive practical, responsive, boutique-style attention in return. Our clients have access to the firepower and value of a well-known and highly-regarded Firm's capabilities and interdisciplinary strengths.
Gardere has a national and international energy practice formed around our Energy Industry Team, which is a multidisciplinary group of approximately 60 attorneys with diverse backgrounds, experience and skills specific to the energy industry. Our team includes attorneys who have served as in-house counsel for major energy companies, providing a depth of insight into our clients' needs, issues and concerns. We understand and regularly practice in virtually every sector of the energy, and we represent a wide variety of industry participants from multinational corporations to individuals.
From our offices in the United States and Mexico, our International Practice helps clients operate in today’s global economy. We have more than 30 professionals operating as a boutique within an Am Law 200 law firm and are able to provide focused service with the resources of a large firm. We understand that clients who are engaged in the global marketplace need lawyers who can operate seamlessly across multiple jurisdictions. Our international experts are multi-lingual, are culturally fluent and intimately familiar with various legal systems across the world, especially those in Latin America. Whether you need help with commercial transactions, regulatory matters, customs and import regulations, immigration matters, M&A and joint ventures, international disputes, or international tax planning, Gardere’s international team is here to assist you.
We represent domestic and foreign private funds in all aspects of fund formation, fund operations, platform and add-on acquisitions, and portfolio company operations. Our team has a reputation for being the go-to-lawyers for private equity funds, hedge funds, venture capital funds and family offices. We are known for our vast deal experience, the efficient way we staff and manage our work, and the way we maintain our relationships. We get deals done with sophisticated, strategic, and practical advice tailored to the needs of our clients.
*Not admitted to practice law.
Audit firms are smack in the middle of the tension between U.S. and Chinese regulators with respect to allegations of accounting fraud at Chinese companies traded on U.S. exchanges. At present, a Chinese affiliate of Deloitte is in the uncomfortable limelight for its work auditing Longtop Financial Technologies.
The affiliate resigned from the post earlier this year citing difficulty in verifying the company’s financial statements, but is facing continually mounting pressure relating to the audit relationship on both domestic and foreign fronts. In sum:
In China, violation of secrecy laws can result in a prison term. In the United States, Deloitte’s continued refusal to turn over the records could cause the firm to be held in contempt of court and face suspension or revocation of its auditing firm registration by the Public Company Accounting Oversight Board (“PCAOB”). The PCAOB has already identified quality control issues relating to Deloitte’s oversight of the firm’s foreign affiliates (PDF) and is seeking broad measures to prospectively improve the quality and credibility of Chinese audits by a proposed rule that would require an audit report to name the person “responsible for the engagement and…performance” of an audit – not just the name of the audit firm.
The New York Times summarized the issue well: “Deloitte’s Chinese affiliate finds itself between the proverbial rock and a hard place because the S.E.C. is unlikely to back away from a case in which American investors suffered losses based on what appears to be a rather brazen accounting fraud. And the Chinese government is unlikely to accede to allowing the auditors to respond to a subpoena that would create a precedent for other firms being compelled to disclose their work papers. What began as a fairly routine accounting fraud investigation threatens to become a much more contentious issue between the United States and China.”
OUR TAKE: Doing business on an international stage poses interesting and often difficult challenges for audit firms seeking to comply with the laws of the countries in which they operate. U.S. regulators are working hard to see that the work of audit firms with Chinese companies traded in the United States is not immune from U.S. law – an issue that we will continue to monitor.
If you would like to catch up on our series tracking developments related to allegations of accounting fraud at Chinese companies, please see our prior posts available at the following links:
The publications contained in this site do not constitute legal advice. Legal advice can only be given with knowledge of the client's specific facts. By putting these publications on our website we do not intend to create a lawyer-client relationship with the user. Materials may not reflect the most current legal developments, verdicts or settlements. This information should in no way be taken as an indication of future results.
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