U.S. Treasury Secretary says China to hand audit work to SEC

WASHINGTON, July 11 Thu Jul 11, 2013 6:47pm EDT

WASHINGTON, July 11 (Reuters) - Chinese regulators will hand over some audit documents of U.S.-listed Chinese companies to U.S. securities regulators, U.S. Treasury Secretary Jack Lew said on Thursday, a move that may thaw a dispute over multiple accounting scandals.

"China's securities regulator announced that it will begin providing certain requested audit work papers to our market regulators, an important step towards resolving a long-standing impasse on enforcement cooperation related to companies that are listed in the United States," Lew told at a press conference following two days of U.S.-China economic talks.

Lew's comments come after a spokesman for the China Securities Regulatory Commission (CSRC) said earlier this week that China was ready to provide the documents to the U.S. Securities and Exchange Commission.

The SEC has been struggling for years to obtain audit work in China to assist its investigations into possible accounting fraud.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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