China and Switzerland recognize each other's auditing standards

In an effort to deepen economic, trade and financial cooperation between China and Switzerland, the Ministry of Finance of China and the Swiss Federal Audit Office have recently realized the mutual equivalence of auditing standards and auditing supervision, China's Ministry of Finance said in an announcement on its website on Friday.

The announcement said that based on mutual evaluation, the Swiss auditing standards and international auditing standards recognized by Switzerland are equivalently applicable to the auditing standards of the People's Republic of China.

For accounting firms that are registered in the Swiss Confederation and the People's Republic of China and issue audit reports on their financial statements of economic entities, the auditing supervision systems of the Swiss Confederation and the People's Republic of China are equivalently applicable.

The ministry said in a statement following the announcement that realizing the mutual equivalence of auditing standards and supervision between China and Switzerland is an important foundation for the two countries to carry out mutually beneficial long-term auditing supervision cooperation mechanism.

It will help accounting firms of the two countries to reduce auditing costs, improve auditing efficiency, and expand investment and financing channels for companies. It is therefore conducive to deepening Sino-Swiss financial cooperation and promoting the interconnection of the capital markets between the two countries.