China, Switzerland achieve mutual recognition of auditing standards, oversight

China and Switzerland have achieved mutual recognition of the equivalence of each other's auditing standards and audit oversight systems, the Chinese finance ministry said Friday.

Swiss auditing standards and the International Standard on Auditing recognized by Switzerland are equivalent to Chinese auditing standards, according to a statement from the Ministry of Finance.

For accounting firms registered in the Swiss Confederation and the People's Republic of China that audit the financial statements of economic entities, the audit oversight systems of the two countries are equivalent, the statement said.

The ministry called the decision an important foundation for establishing a mutually beneficial and long-term audit oversight cooperation mechanism between the two countries.

It added that the move would help strengthen Sino-Swiss economic and trade exchanges and financial cooperation, promote the connectivity of capital markets and broaden investment financing channels for both enterprises.

(Cover via CFP)

Source(s): Xinhua News Agency

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