BEIJING — China Securities Regulatory Commission (CSRC) said on Dec 17 that it stands ready to further communicate with its counterparts in the United States on audit oversight cooperation.

"Currently, dialogues on audit oversight cooperation between the Chinese and US regulators are ongoing and have yielded positive progress," said the CSRC.

The CSRC said it welcomes the attitude of the Securities and Exchange Commission and Public Company Accounting Oversight Board (PCAOB) of the United States to engage with it to search for a solution to the issue proactively.

"With full respect for international norms as well as laws of both jurisdictions, and in the spirit of mutual respect and trust-building, we believe the regulators will be able to find a solution to satisfy regulatory mandates of both sides," said the CSRC.

The move will be in the best interests of global investors and sound development of the capital markets in the two countries, it added.

Regarding the report released by the PCAOB about the history and status of bilateral audit oversight cooperation, the CSRC said it has not fully reflected the stance and efforts made by the Chinese authorities in an objective manner.

"Regulatory authorities in China stick as always to openness and cooperation in dealing with international affairs," said the CSRC, stressing that it respects the PCAOB's mandate to oversee the quality of audit works.

"It is consistent with international norms to resolve the issue of inspection and investigation over Chinese accounting firms registered with the PCAOB through a framework of international cooperative arrangement," said the CSRC.

The CSRC and the Ministry of Finance have for several times proposed to the US regulators joint inspection solutions to address remaining issues in supervisory and enforcement cooperation, it added.