PracticeAuditUS regulators seek China cooperation

US regulators seek China cooperation

The PCAOB has met with its Chinese counterpart to share knowledge and call for greater oversight cooperation

US AND CHINESE regulators have met in Beijing to discuss audit oversight, after a string of accounting scandals dogged US-listed Chinese companies in recent months.

PCOAB officials met their Chinese counterparts to discuss co-operating on the issue, and representatives spent two days teaching their peers about the US approach to oversight and inspection.

China could have the chance to return the favour in future, it would seem, and “follow-up collaboration” is in the early planning stages.

A letter from PCAOB chairman James Doty (pictured) called for greater cooperation between the two countries, saying: “The development of an effective cross-border oversight system is essential to market integrity and investor protection.”

China has so far been reluctant to engage on the issue and the event seems to have been driven by the US. It is not clear how China plans to respond, although the PCAOB concluded both regulators “share the view that increasing cooperation on cross-border audit oversight will help improve the quality of auditing and accounting information of public companies”.

Related Articles

KPMG fined £4.8m over Miller Energy audit

Audit KPMG fined £4.8m over Miller Energy audit

4m Alia Shoaib, Reporter
PwC fined $1m over Merrill Lynch audit

Accounting Firms PwC fined $1m over Merrill Lynch audit

4m Alia Shoaib, Reporter
The future of the audit industry: From masses of data, to meaning

Audit The future of the audit industry: From masses of data, to meaning

1y Acccountancy Age
Deloitte scoops GSK 'mega audit' from PwC

Audit Deloitte scoops GSK 'mega audit' from PwC

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
BDO appointed new auditor of Game Digital as Deloitte ditched

Audit BDO appointed new auditor of Game Digital as Deloitte ditched

1y Stephanie Wix, Writer
BDO's 'agility' makes it well placed to succeed - Eagland

Accounting Firms BDO's 'agility' makes it well placed to succeed - Eagland

1y Kevin Reed, Writer
Friday Afternoon Live: Accountants in government; audit market concentration; Top 40 Networks

Audit Friday Afternoon Live: Accountants in government; audit market concentration; Top 40 Networks

1y Kevin Reed, Writer