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China’s securities regulator expects audit deal with US

Fang Xinghai, vice chairman of the China Securities Regulatory Commission (CSRC), said they are holding negotiations via video link every two weeks with US regulators to finalize details of a possible audit deal. Fang said they expect a deal soon about a long-standing dispute that could lead to delistings of Chinese companies in the US. Fang said they are very confident that they will reach an agreement in the near future, allowing the Public Company Accounting Oversight Board (PCAOB) to conduct checks on Chinese accounting firms in China in a reasonable way. The PCAOB is demanding complete access to audit working papers of New York-listed Chinese companies. On 2 April, China published draft confidentiality rules that would potentially give US regulators access to such working papers, through joint inspections or other forms of regulatory cooperation.

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