August 26th, U.S. regulators said that they had signed an agreement with their Chinese counterpart to allow U.S. regulators to vet accounting firms in China and Hong Kong.
It was reported that the agreement was the most detailed and prescriptive agreement the regulator has ever reached with China. U.S. regulators have been demanding U.S.-listed Chinese companies provide audit papers, but China has repeatedly refused on national security grounds. The signing of the agreement will allow U.S. regulators to inspect and investigate the audit businesses and irregularities of Chinese listed companies without consulting the Chinese Communist Party (CCP), including reviewing all full audit working papers, retaining relevant information, and directly accessing the interviews and testimonies of investigators and auditors.
This move will rescue hundreds of Chinese concept stock companies facing delisting. The SEC chairman said, “This agreement will be meaningful only if U.S. regulators actually can inspect and investigate audit firms in China completely.”
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