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China expects to reach consensus in audit talks with the United States

Discussions between Chinese and US regulators about audit and regulation cooperation are going well, according to two sources with direct knowledge of the talks, who spoke to Reuters on Friday, following the US’s warning about some Chinese companies.

The Securities and Exchange Commission (SEC) of the United States announced this week that five Chinese companies will be delisted if they do not grant access to audit information.

America wants to retain access to the accounts of US-listed Chinese companies, but China prohibits international audits by local accountancy firms, resulting in a standoff involving hundreds of billions of dollars in US assets.

The SEC stated in December that it had identified 273 companies that were at risk but had not published any names.

Its move this week sent shares in Chinese companies, particularly those in technology, plummeting in both the United States and China.

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