US Treasury Secretary says China to hand audit work to SEC

Chinese regulators will hand over some audit documents of US-listed Chinese companies to US securities regulators, US Treasury Secretary Jack Lew said on Thursday, a move that may thaw a dispute over multiple accounting scandals.

Washington wants greater oversight after alleged misconduct at US-listed firms based in China led to billions in losses, but investigations into possible fraud have been stymied as auditors have refused to turn over papers for fear of violating Chinese secrecy laws.

via Business feed http://www.scmp.com/business/companies/article/1280905/us-treasury-secretary-says-china-hand-audit-work-sec