Early
Ji Yan Spring and Autumn
On August 26, the China Securities Regulatory Commission and the Ministry of Finance signed an audit supervision and cooperation agreement with the US -listed company's Accounting Supervision Committee (PCAOB). PCAOB announced that it would go to China to review the audit draft in China in the United States in mid -September.It is reported that the concept stocks listed in the United States have risen, and the recent trend of Chinese stocks that have received much attention seem to come to the United States.
China and the United States have long differences on the issue of China -US audit supervision. The United States believes that there are problems with the audit supervision of Sino -stock stocks listed in the United States.In April 2020, Ruixing Coffee, who was listed on Nasdaq, exposed financial fraud cases, and the US questioned the audit of Chinese stocks.
At the end of 2020, the United States passed the accountability law of foreign companies that required foreign companies listed in the United States to review the audit draft. If companies cannot meet the requirements of the United States for three consecutive years, they will be forced to delist.According to the Chinese regulatory authorities, the data and information of those large state -owned enterprises listed in the United States and some private enterprises not only involve the business secrets of the enterprise, but also national security. If they are accepted by the United States, they will cause harm to Guoan.
As China and the United States have not talked about the regulatory supervision of China -US stocks, the days of Sino -stock stocks in the US market are getting worse and worse.As of the end of July this year, the US Securities Regulatory Commission included 159 Chinese stocks on the "pre -delivery" list according to the accountability law of foreign companies.On August 12, the five large -scale central enterprises of China Life, China Aluminum, PetroChina, Sinopec, and Shanghai Petrochemical announced that they would withdraw from the New York securities trading market. The outside world expected that the dispute over the Sino -US capital market will be more fierce, and Chinese stocks will set off a collective.With the trend of exiting the US market, China and the United States have a risk of accelerating decourse in financial and other widespread fields.
The signing of the audit supervision and cooperation agreement on August 26, which opened the way for the two parties to resolve the "audit dispute".According to the Chinese explanation, the terms of the agreement have the same binding force on the two parties. Both China and the United States can conduct inspections and investigations on relevant offices in the other party in accordance with legal duties.The two parties will conduct communication and coordination on the inspection and investigation plan in advance. The United States must obtain documents such as the audit draft through the Chinese regulatory authorities, and conduct interviews and inquiries on relevant personnel of the accounting firms with the participation and assistance of China.At the same time, the cooperation agreement has made a clear agreement on the processing and use of sensitive information in the audit supervision and cooperation. Special processing procedures for specific data such as personal information have been set up, which provides feasibility for the security of the two parties to perform legal supervision duties while protecting relevant information security while protecting relevant information security.path.
The accounting supervision committee of the US listed company issued a statement on the official website that the agreement allows the committee to have completely free tailoring in selecting investigating companies, audit business, and potential illegal acts. They do not need to negotiate with relevant Chinese departments or they need to provide opinions.The committee has the right to directly access all the people related to the audit work inspected or investigated and obtain their testimony.The statement also emphasized that the real test will be whether the written agreement can be completely transformed in practice.
Obviously, the interpretation of the agreement between China and the United States is not completely consistent.Both parties try to understand the agreement in the direction that is conducive to themselves, which will bring some uncertain factors to the implementation of the agreement. In the future, the two parties will inevitably wander the Chinese stock audit supervision issues in the future.But overall, both parties have made a certain compromise, creating conditions for China Stocks to continue to financing in the US market.
According to the agreement, China and the United States will adopt cross -border audit supervision and cooperation on the issue of audit drafts. The audit draft of Sino -stock shares will be stored in the Hong Kong office in the Mainland.The United States originally requested that the Chinese stock company needs to send a full set of audit drafts to the United States for review, and the results of the negotiations between the two parties are stored in China, and the United States sent people to China (including Hong Kong) for local censorship.It turned out that only the audit of the China Stock Corporation was converted to the audit of the audit firms and the Chinese stock company at the same time, which was equivalent to incorporating the audit firm into the supervisory object to avoid audit fraud.
Nevertheless, some people in China believe that China has too much concessions. The United States can freely review the auditors of the stocks in China, which may cause important data leakage and threaten China's national security.
Others believe that in the context of the comprehensive game of China and the United States, the audit supervision and cooperation agreement reached by the two parties is only a flash in the pan, which cannot prevent the momentum of Sino -US relations from continuing to decline.Moreover, the United States firmly controls the leadership of the international financial field, and how to formulate the rules, and the initiative is still in the United States.The reaching an audit cooperation agreement between China and the United States does not mean that the United States cooperates with China in the financial field.There are still many questions about the prospects of Chinese stocks in the US market.
But China's mainstream public opinion is generally excited about this agreement.The Global Times commented that China and the United States can sit down and negotiate and find a rational and pragmatic solution, which reflects the responsibility and wisdom of the regulatory authorities of both parties, and also shows that China and the United States have the ability to achieve solutions that meet each other on some important sensitive issues.
It should be seen that in the past 20 years, the audit supervision of Chinese stocks listed in the United States has indeed existed irregular and opaque gray areas.In the era when Sino -US relations are basically normal, the two sides have not regarded these gray areas as big problems.With the intensification of the Sino -US game in recent years, these gray areas are difficult to have room for survival.
The audit supervision of stocks in the specifications is good for both China and the United States.For China, standardized, transparent, and legal audit supervision will not only help more companies go global, but also help the healthy development of the domestic securities market, and China will continue to promote reform and opening up.
