Beijing backs away from controversial audit plan

CHINA - Chinese securities regulators have backed away from a controversial plan to force companies issuing shares to have their books audited by foreign accountants after furious lobbying against the policy by the domestic industry.

The plan requiring an additional audit by foreign accountants, announced in December by the China Securities Regulatory Commission (CSRC), was aimed at increasing transparency of listed companies and also compliance by their auditors with accounting standards.

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