Yes, the PCAOB got a lousy deal by putting Jim Doty's name on the Memo of Understanding with China's Securities Regulatory Commission and Ministry of Finance, but Professor Paul Gillis writes in the Wall Street Journal that the Chinese don't have any room to talk, either:
Without inspections, investors can't trust Chinese audits. Investors in Chinese companies are currently on a buyer's strike because of the widespread accounting scandals. Audit inspections would help to restore some credibility to Chinese financial reports, and perhaps open up access to the capital markets again. China's IPO markets have been nearly shut down, and its entrepreneurial companies are being starved for capital. If IPO markets do not reopen soon, China risks damaging indigenous innovation.