China securities regulator on U.S.-listed Chinese stocks audit delisting

China securities regulator on U.S.-listed Chinese stocks audit delisting

BEIJING — China has despatched one other sign of progress towards resolving an audit dispute that is threatened U.S.-listed Chinese firms with delisting.

The China Securities Regulatory Fee mentioned in an announcement to CNBC Friday that it convened a gathering this week with some accounting companies and advised them to think about getting ready for joint inspections.

Chinese and U.S. regulators’ consultations on audit supervision and cooperation are total going properly, the fee mentioned.

Since March, the U.S. Securities and Change Fee has began to call particular U.S.-listed Chinese stocks for failing to stick to the Holding Foreign Companies Accountable Act. Handed in 2020, the act would enable the SEC to delist Chinese firms from U.S. exchanges if American regulators can not evaluate firm audits for 3 consecutive years.

“We continue to meet and engage with PRC authorities in an effort to achieve a cooperative agreement that provides the PCAOB with the access required to inspect and investigate completely auditors headquartered in mainland China and Hong Kong,” the U.S. Public Firm Accounting Oversight Board (PCAOB) mentioned in an announcement.

“Speculation about a final agreement between the PCAOB and the People’s Republic of China (PRC) authorities on PCAOB access to audit firms headquartered in China and Hong Kong is premature,” the PCAOB assertion mentioned.

Accounting agency KPMG declined to remark. Deloitte, PwC and EY didn’t reply to CNBC’s requests for remark.

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