Chinese and US regulators enter into cooperative agreement
24 May 2013
The China Securities Regulatory Commission (CSRC), the Ministry of Finance (MoF) of China, and the US Public Company Accounting Oversight Board (PCAOB) have announced a cooperative agreement on the oversight of audit firms subject to the regulatory jurisdictions of both regulators.
The Memorandum of Understanding (MOU) allows for the mutual exchange of confidential information of firms performing in both jurisdictions. Further, the PCAOB is working with the CSRC and MOF on an agreement to permit joint inspections in China of audit firms that are registered with the PCAOB and audit Chinese companies that trade in US exchanges.
The press release is available on the PCAOB website.