Interesting news! Is China making concessions when it comes to business?
"US regulator the Public Company Accounting Oversight Board (PCAOB) said on Thursday that it was able to inspect the audit firms servicing mainland Chinese companies listed in the United States, removing the risk of delisting hanging over about 170 such firms.
This is the first time in China’s history that it has allowed audit records to be taken outside the mainland for inspection.
The PCAOB said in a report that mainland Chinese authorities did not prevent its inspectors from carrying out a thorough inspection of audit firms’ working papers in Hong Kong from September to November.
The inspection was carried out under an agreement signed between China’s ministry of finance, the China Securities Regulatory Commission (CSRC) and the PCAOB in late August. ...
A breakthrough was made in April, when the CSRC scrapped a requirement that only Chinese regulators can conduct on-site audits of Chinese companies listed overseas and allowed auditors to take audit records outside the Chinese mainland for inspection in a historic first."
A breakthrough was made in April, when the CSRC scrapped a requirement that only Chinese regulators can conduct on-site audits of Chinese companies listed overseas and allowed auditors to take audit records outside the Chinese mainland for inspection in a historic first."
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