Home
| Databases
| WorldLII
| Search
| Feedback
Edited Legal Collections Data |
Book Title: Renmin Chinese Law Review
Editor(s): Shi, Jichun
Publisher: Edward Elgar Publishing
ISBN (hard cover): 9781786434302
Section: Chapter 6
Section Title: Legal issues on the Sino-European cooperation between the oversight authorities of auditors for listed companies
Author(s): Jiayou, Shi
Number of pages: 20
Abstract/Description:
Audit service is the importance guarantee of the quality of information disclosure by public companies; it constitutes a vital aspect of the improvement of corporate governance. The internationalization of capital flows results in the cross-border audit service and makes mutual cooperation necessary for the oversight authorities of auditors. There are mainly two models in this field: reliance on the own country’s regulator and the extraterritorial jurisdiction of the US Sarbanes-Oxley Act, and the mutual reliance and the home country regulation doctrine of the new EU 8th Company Directive of 2006, which respectively represent unilateralism and multilateralism. European multilateralism is more favorable in terms of the protection of the Chinese national interest. The decision of equivalence of Chinese public oversight, quality assurance, investigation and penalty systems for auditors and audit entities given by the European Commission in 2011 marks a significant step for Sino-European cooperation of the audit regulators, and it also brings positive influence to bear on the Sino-US negotiation in this matter. Chinese authorities should make full use of the European decision, end the mutual negotiations and sign working arrangements with the member states. It would be helpful for Chinese authorities to improve regulations and get the adequacy decision of the EU. Key Words: Audit, Equivalence, Adequacy, Mutual Reliance, Home Country Regulation
AustLII:
Copyright Policy
|
Disclaimers
|
Privacy Policy
|
Feedback
URL: http://www.austlii.edu.au/au/journals/ELECD/2017/348.html