China’s securities regulator stresses joint Sino-U.S. audit oversight
China’s securities regulator said on Friday that it looked forward to holding discussions with its U.S. counterparts as soon as possible on “specific plans” to conduct joint inspections of Chinese firms listed in the United States.
“Our consistent position is to carry out the inspection of accounting firms through the cooperation mechanism of cross-border oversight,” the China Securities Regulatory Commission (CSRC) said.
The latest CSRC proposal aimed at resolving the dispute was sent in August to the U.S. Public Company Accounting Oversight Board (PCAOB) regarding audit oversight concerning Chinese companies listed on major U.S. stock exchanges.
“It is believed the two sides will adopt an open and professional attitude to reach a consensus” on a plan for joint inspection by auditors on both sides and “create a good regulatory environment for cross-border listed companies,” the CSRC said in a statement.
(With input from agencies)