Chinese 'Big Four' settle with US regulator

China's securities regulator on Friday welcomed the settlement reached by Chinese branches of four global accounting firms with the U.S. regulator.

International cooperation solved the cross-border audit problems, said Deng Ke, spokesperson of the China Securities Regulatory Commission (CSRC).

Chinese arms of PricewaterhouseCoopers, Deloitte Touche Tohmatsu, KPMG and Ernst & Young paid fines totaling 2 million U.S. dollars and promised to provide audit documents for Chinese-U.S companies to the U.S. securities and exchange commission (SEC).

The SEC had previously said that refusal to provide documents for companies listed on U.S. stock exchanges obstructed their investigations.

Deng said the two commissions have a full agreement on cross-border law enforcement and a mechanism to ensure cooperation.

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