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1. Q: what is the significance of signing an agreement on cooperation in audit supervision between China and the US?
A: the signing of the Sino-US Agreement on Cooperation in Audit Supervision is an important step for the two sides to solve the problem of cooperation in audit supervision between China and the United States. it has established a regulatory cooperation mechanism for the two sides to carry out daily inspection and law enforcement cooperation on accounting firms within the scope of common supervision in accordance with the law, and laid a foundation for the next step for the two sides to carry out equal and efficient cooperation on the premise of meeting their respective legal provisions and regulatory requirements. It is in line with the international common practice of capital market regulatory cooperation. The cooperation of audit supervision between China and the United States is of positive significance to improve the practice quality of accounting firms and protect the legitimate rights and interests of investors, and it also helps to create a good regulatory environment for enterprises to carry out cross-border listing activities in accordance with the law.
two。 Q: what are the main contents of the agreement on cooperation in audit supervision between China and the US?
A: the Sino-US agreement on cooperation in audit supervision is based on the 2013 Memorandum of understanding on Law Enforcement Cooperation and the 2016 Memorandum of understanding on pilot Inspection Cooperation, in accordance with the domestic laws, regulations and regulatory requirements of both sides, and with reference to relevant international practices. Summing up the previous cooperation experience between the two sides, it was reached through repeated consultations. The cooperation agreement mainly makes specific arrangements for the two sides to cooperate in the daily inspection and law enforcement investigation 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, specific data protection and so on.
The cooperation agreement includes the following key elements: first, to establish the principle of reciprocity. The terms of the agreement are equal to both parties.
A: the signing of the Sino-US Agreement on Cooperation in Audit Supervision is an important step for the two sides to solve the problem of cooperation in audit supervision between China and the United States. it has established a regulatory cooperation mechanism for the two sides to carry out daily inspection and law enforcement cooperation on accounting firms within the scope of common supervision in accordance with the law, and laid a foundation for the next step for the two sides to carry out equal and efficient cooperation on the premise of meeting their respective legal provisions and regulatory requirements. It is in line with the international common practice of capital market regulatory cooperation. The cooperation of audit supervision between China and the United States is of positive significance to improve the practice quality of accounting firms and protect the legitimate rights and interests of investors, and it also helps to create a good regulatory environment for enterprises to carry out cross-border listing activities in accordance with the law.
two。 Q: what are the main contents of the agreement on cooperation in audit supervision between China and the US?
A: the Sino-US agreement on cooperation in audit supervision is based on the 2013 Memorandum of understanding on Law Enforcement Cooperation and the 2016 Memorandum of understanding on pilot Inspection Cooperation, in accordance with the domestic laws, regulations and regulatory requirements of both sides, and with reference to relevant international practices. Summing up the previous cooperation experience between the two sides, it was reached through repeated consultations. The cooperation agreement mainly makes specific arrangements for the two sides to cooperate in the daily inspection and law enforcement investigation 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, specific data protection and so on.
The cooperation agreement includes the following key elements: first, to establish the principle of reciprocity. The terms of the agreement are equal to both parties.
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