China’s Securities Regulatory Commission said on Friday it was ready to communicate more with counterparts in the United States on audit oversight cooperation.
“Currently, dialogues on audit oversight cooperation between Chinese and US regulators are continuing and have resulted in positive progress,” the CSRC said.
The CSRC said it welcomes the attitude of the U.S. Securities and Exchange Commission and Public Company Accounting Oversight Board (PCAOB) to engage with them to proactively seek a solution to the problem.
“With full respect for international standards as well as the laws of both jurisdictions, and in a spirit of mutual respect and confidence building, we believe that regulators will be able to find a solution to meet the regulatory mandates of both. parties, ”the CSRC said. .
This decision will be in the interests of global investors and the healthy development of capital markets in the two countries, he added.
Regarding the report released by the PCAOB on the history and status of bilateral audit oversight cooperation, the CSRC said it does not fully reflect the position and efforts of the Chinese authorities in an objective manner. .
“Regulatory authorities in China stick as always to openness and cooperation in handling international affairs,” said the CSRC, stressing that it respects the mandate of the PCAOB to oversee the quality of the work of ‘audit.
“It is in line with international standards to solve the problem of inspections and investigations of Chinese accounting firms registered with the PCAOB under an international cooperation agreement,” CSRC said.
The CSRC and the Ministry of Finance have repeatedly offered US regulators joint inspection solutions to resolve remaining issues in the supervisory and enforcement cooperation, he added.