US watchdog finds deficiencies in Chinese audits, tech stocks slip.
China's securities watchdog, the CSRC, has said it is willing to work with its US counterparts to promote audit regulatory cooperation and safeguard the rights and interests of global investors. The statement came after the US accounting watchdog, the PCAOB, found unacceptable deficiencies in audits of US-listed Chinese companies. The deficiencies are unlikely to derail an audit deal between the two countries in September, but it will be challenging to turn around auditing practices quickly amid continued US-China tensions.