China to turn over audit documents to US

China’s securities regulator is prepared to turn over audit documents of a US-listed Chinese company to the US Securities and Exchange Commission (SEC), indicating that a compromise over access to financial documents has been implemented, Reuters reported. The SEC and Public Company Accounting Oversight Board (PCAOB), a US government-backed private oversight body for auditors, have sought access to Chinese auditing documents for two years following a spat of Chinese accounting scandals. The China Securities Regulatory Commission (CSRC) said it will hand over documents on one company, although did not name the firm. The CSRC recently agreed to hand over documents provided US regulators can justify their request.