China News Service, December 17th. According to news from the China Securities Regulatory Commission’s website on the 17th, the head of the relevant department of the China Securities Regulatory Commission responded to reporters’ questions on the relevant trends of the US regulatory agency and said that we believe that the PCAOB’s “recognition report” on China-US audit supervision The description of the cooperation history and status quo does not fully and objectively reflect China’s position and efforts. We will communicate with the US on the relevant situation.
A reporter asked: Recently, the US Public Company Accounting Oversight Board (PCAOB) issued the "Accountability Report for Foreign Companies", which determined that more than 60 Chinese accounting firms registered in the United States "cannot complete inspections or investigations."
The chairman of the US Securities and Exchange Commission (SEC) also made a statement later.
Does the China Securities Regulatory Commission have any comment on this?
In this regard, the head of the relevant department of the China Securities Regulatory Commission stated that we have taken note of these situations.
The Chinese regulatory authorities have always maintained an open and cooperative attitude towards foreign exchanges.
We respect PCAOB's performance of its responsibility to monitor the quality of auditors' practice.
It is an international practice to resolve PCAOB's inspection and investigation of Chinese accounting firms registered in the United States through international cooperation.
In the past few years, the China Securities Regulatory Commission and the Ministry of Finance have taken the initiative to propose to the United States joint inspection cooperation plans and solutions to existing problems in law enforcement cooperation.
We believe that the description of the history and current situation of China-US audit supervision cooperation in the PCAOB "Recognition Report" does not fully and objectively reflect China's position and efforts. We will communicate with the US on the relevant situation.
The heads of relevant departments of the China Securities Regulatory Commission also stated that at present, the relevant regulatory agencies of China and the United States are negotiating on cooperation in audit supervision and have made some positive progress.
We welcome the SEC and PCAOB's continued communication with the Chinese side and the proactive approach to solving problems. The Chinese side is ready to further communicate with the US side at any time.
It is believed that based on the principles of respecting international conventions and laws of both parties, upholding the spirit of mutual respect and enhancing mutual trust, both parties will be able to find a cooperation path that meets each other's regulatory needs, jointly protect the legitimate rights and interests of global investors, and promote the healthy development of the capital markets of both countries.