Chinese securities regulator making progress on US audit issues

China’s securities regulator on Friday said it was in talks with US authorities regarding cooperation over the audit of US-listed Chinese firms and is making some progress.

China is ready to communicate with the US side on the issue at any time, the China Securities Regulatory Commission (CSRC) said in a statement on its website. The statement said the CSRC and China’s Ministry of Finance have advised solutions on collaborative regulation to the US multiple times but the report released by Public Company Accounting Oversight Board (PCAOB) has failed to objectively reflect the comprehensive effort and stance China has made.

“We will communicate with US on the matter,” it said.

In respect of international conventions and laws in both countries, two parties will find an approach to cooperation which meets regulation requirement from both countries, said the statement.