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Chinese regulators assist US audit inspection in HK

About 10 officials from the China Securities Regulatory Commission (CSRC) and the Ministry of Finance (MOF) have arrived in Hong Kong and joined the US audit watchdog with onsite audit inspection involving Chinese companies. The participation is part of a landmark deal between the two countries towards resolving an audit dispute that threatened to boot more than 200 Chinese companies off US exchanges. The officials will assist a team of inspectors from the Public Company Accounting Oversight Board (PCAOB) who are in Hong Kong for the onsite inspection. The whole inspection process will last about eight to 10 weeks. The involvement by the Chinese regulators was consistent with the way the PCAOB conducts inspections elsewhere around the world and that the US watchdog was not giving China any special consideration.

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