China And The U.S. Signs Audit Agreement In Push To Avoid Delistings

The US and China have announced that they signed an audit oversight agreement allowing the US accounting oversight board access to Chinese audit data.

U.S. regulators have long requested access to audit papers of Chinese companies listed on US stock exchanges, but China, citing security concerns, has always been reluctant to let overseas regulators audit its accounting firms.

This agreement could potentially put an end to the dispute that promised to kick over 200 Chinese companies off U.S. stock exchanges. However, the US Public Company Accounting Oversight Board and the China Securities Regulatory Commission released differing statements about the deal.