China Securities Regulatory Commission, the Ministry of Finance signed an audit supervision and cooperation agreement with the US regulatory agency

The China Securities Supervision and Administration Commission and the Ministry of Finance of the People's Republic of China signed an audit supervision cooperation agreement with the U.S. Public Company Accounting Supervision Committee (PCAOB) on August 26, 2022, which will start related cooperation in the near future.

According to the laws and regulations of the two countries, the cooperation agreement respects the international approach, and in accordance with the principles of peer mutual benefit, the two parties clearly agree on the cooperation and investigation activities of relevant accounting firms to carry out supervision inspections and investigation activities, forming a framework of cooperation that meets the requirements of both parties and regulatory requirements.

The signing of the cooperation agreement is an important step in the common concern of the regulatory agency between China and the United States to solve the issues of audit supervision and cooperation. It has laid the foundation for the next stage of active, professional, and pragmatic promotion cooperation.Promoting cross -border audit supervision and cooperation in accordance with the law will help further improve the quality of practice of accounting firms, protect investors' legitimate rights and interests, and also help the enterprise to create a good international regulatory environment for enterprises to carry out cross -border listing activities in accordance with laws.

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