The China Securities Regulatory Commission has significantly amended its ruling issued at the end of last year that all companies seeking to raise funds on the stock market must commission a supplementary audit using international accounting standards from an international accounting firm, reported Dow Jones.
Under the new rule, the audits can only be conducted by firms holding certificates from the commission and the Ministry of Finance, effectively limiting them to China-based joint ventures. The new rule also says that the audits are not required when companies are seeking to raise fewer than 300m shares, unless the commission rules otherwise in individual cases.