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Commission to give audit details on company to US

By  Huang Tiantian  ( )

16:59, July 09, 2013

The China Securities Regulatory Commission will soon hand in a report on a Chinese company listed in the United States to the US Securities and Exchange Commission, the Shanghai Securities News reported on Tuesday.

This is the first time such a report will be submitted in a clear sign of progress in commercial cooperation.

The CSRC will also give audit details on the company to the US Public Company Accounting Oversight Board, the report said.

Major progress was made in enhancing cross-border audit cooperation between China and the US, the report added.

A memorandum of understanding was signed with the US on May 7.

This focused on the sharing of audit details for Chinese companies listed in the US, in a move aimed at cracking down on illegal listing and trading activities.

The CSRC will offer audit details of Chinese companies listed on US markets to their US counterparts, based on Chinese law and regulations, according to the memorandum.

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