China securities regulator says PCAOB audit report not objective

China’s securities regulator on Friday said a report by the US Public Company Accounting Oversight Board (PCAOB) failed to give an objective reflection of China’s stance and its efforts on China-US audit regulations and cooperation, but the country is still in talks with US authorities.

Responding to a question asking for comments on the PCAOB’s Thursday report which said it cannot inspect companies headquartered in China and the Hong Kong Special Administrative Region, the China Securities Regulatory Commission (CSRC) said in a statement on Friday that the two countries were discussing cooperation over the auditing of US-listed Chinese firms and have achieved some progress.

“We welcome the US Securities and Exchange Commission and PCAOB to keep up communication with China and their positive attitude can help to proactively solve problems. China is ready to communicate with the US on the issue at any time,” the CSRC said in the statement published on its website, noting the two sides will find a cooperative method that satisfies both sides’ regulatory needs.

Source: Global Times

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