CSRC: B-share firms don't need foreign audit

Domestically listed companies issuing foreign-exchange shares – the so-called B-share companies – will no longer be required to provide dual audit reports made by both domestic and overseas accounting firms, the China Securities Regulatory Commission announced Wednesday. The regulator said that with the unification of Chinese accounting standards with international norms it was not necessary for B-share companies to choose foreign accounting firms to provide audit reports, Xinhua reported (in Chinese). China's new accounting standards have been in effect since the start of this year.