CSRC Spokesperson Answered Reporter Question Regarding Recent Statements of the U.S. Regulators
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Reporter: Recently, Public Company Accounting Oversight Board (PCAOB) of the U.S. issued a report in accordance with the Holding Foreign Companies Accountable Act, determining that over 60 PCAOB-registered public accounting firms headquartered in China cannot be “completely inspected or investigated”. Chair of U.S. Securities and Exchange Commission (SEC) later aired his own statement in this regard. What is the CSRC’s comment on this?
Spokesperson: We have noticed these developments. Regulatory authorities in China stick as always to openness and cooperation in dealing with international affairs. We respect the PCAOB’s mandate to oversee the quality of audit works. It is consistent with international norms to resolve the issue of inspection and investigation over Chinese accounting firms registered with the PCAOB through a framework of international cooperative arrangement. In the past few years, the CSRC and the Ministry of Finance (MoF) of China have for several times proposed to the U.S. regulators joint inspection solutions to address remaining issues in supervisory and enforcement cooperation. We do not think the report released by the PCAOB about the history and status of bilateral audit oversight cooperation has fully reflected stance and efforts made by the Chinese authorities in an objective manner. We will communicate with the U.S. counterparts on these matters.
Currently, dialogues on audit oversight cooperation between the Chinese and U.S. regulators are ongoing and have yielded positive progress. We welcome the SEC and PCAOB’s attitude to engage with us in search of a solution proactively. We stand ready to further communicate with the U.S. counterparts. With full respect for international norms as well as laws of both jurisdictions, and in the spirit of mutual respect and trust-building, we believe the regulators will be able to find a solution to satisfy regulatory mandates of both sides, which will be in the best interests of global investors and sound development of the capital markets in the two countries.