Titanium Media App reported on August 26 that the relevant person in charge of the China Securities Regulatory Commission responded to a reporter’s question about the signing of the Sino-US audit and supervision cooperation agreement. On the basis of the annual pilot inspection cooperation memorandum, in accordance with the domestic laws, regulations and regulatory requirements of both parties, referring to relevant international common practices, summarizing the past cooperation experience of the two parties, and reaching through repeated consultations. The cooperation agreement mainly makes specific arrangements for the two parties to carry out daily inspections and law enforcement investigations on the cooperation of relevant accounting firms, and stipulates important matters such as the purpose of cooperation, the scope of cooperation, the form of cooperation, the use of information, and the protection of specific data. The cooperation agreement includes the following key contents: First, establish the principle of reciprocity. The terms of the agreement are equally binding on both parties. Both China and the United States may, in accordance with their statutory duties, conduct inspections and investigations on relevant firms within the jurisdiction of the other party, and the requested party shall try its best to provide adequate assistance to the extent permitted by law. The second is to clarify the scope of cooperation. The scope of the cooperation agreement includes assisting the other party to carry out inspections and investigations of relevant firms. Among them, the scope of assistance provided by the Chinese side also involves some Hong Kong firms that provide audit services for China concept stocks and whose audit manuscripts are stored in the mainland. The third is to clarify the way of cooperation. The two sides will communicate and coordinate the inspection and investigation plan in advance. The U.S. side must obtain the audit papers and other documents through the Chinese regulatory authority, and conduct interviews and inquiries with the relevant personnel of the accounting firm with the participation and assistance of the Chinese side.
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