China, US agree to share audit details

China's securities watchdog announced on Friday that a memorandum of understanding has been signed with the United States on the sharing of audit details on Chinese companies listed in the US, in a move aimed at cracking down on illegal listing and trading activities.

China Securities Regulatory Commission said the MOU was signed by the commission, Ministry of Finance and the US audit regulator, the Public Company Accounting Oversight Board.

The Chinese will offer audit details of Chinese companies listed on US markets to their US counterparts, based on Chinese law and regulations, said a CSRC spokesman.