CHINA and the United States are “moving toward each other” in audit regulatory cooperation, the China Securities Journal reported Sunday, quoting an insider close to the regulatory authorities. The regulators of the two sides are “fully aware of each other’s concerns” and are trying to find solutions to the auditing dispute, said the source, adding the move is in the “best interests” of the two countries’ capital markets and global investors. Earlier this month, the U.S. authorities identified five New York-listed Chinese firms, including Yum China, that have failed to provide access to audit documents and warned they may be removed from the exchange. The Chinese securities regulator later said it respected the U.S. Securities Exchange Commission (SEC)’s efforts to strengthen supervision of relevant accounting firms, calling the announcement a “normal procedure.” However, the China Securities Regulatory Commission (CSRC) also noted that it “firmly opposes the wrong practice of some forces politicizing securities regulation.” “We always commit to the spirit of openness and cooperation,” said the CSRC in a statement, adding they “are willing to resolve the issues ... through regulatory cooperation.”(CGTN) | 