China is asking accounting firms to store their audit working papers within the country, according to interim measures issued jointly by the Ministry of Finance and Cyberspace Administration of China.
- Audit firms’ encryption equipment should be set up within the country and operated and maintained by onshore team
- For overseas regulatory agencies seeking to obtain domestic audit working papers, they need to go through corresponding cross-border regulatory cooperation mechanism and regulatory approvals
- New rules to become effective Oct. 1
- NOTE:
US, China Reach Preliminary Deal in Push to Avoid Delistings
(Updates with details in 2nd bullet)
--With assistance from
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