Officials from China and United States have pledged to increase cooperation on cross-border audit oversight, China's securities regulator said Monday, in the wake of a string of accounting scandals of U.S.-listed Chinese companies.

The two parties aimed to improve the quality of auditing and accounting information of public companies, protect the rights of investors and assist in safeguarding of financial markets in both countries, the China Securities Regulatory Commission (CSRC) said in a statement on its website.

The stance was made at the Sino-U.S. Symposium on Audit Oversight held in Beijing on July 11 to 12, with attendance of officials of the CSRC, the Chinese Ministry of Finance, the U.S. Public Company Accounting Oversight Board (PCAOB), and the U.S. Securities and Exchange Commission.

The two sides aimed to build mutual understanding and cooperation in the near future, including sending staff to observe the inspection of accounting firms in each other's jurisdiction to learn more about each other's inspection process and methodology, the statement said.

CSRC chairman Shang Fulin said the regulators of both countries should enhance cooperation on the basis of mutual trust and respect.

"The development of an effective cross-border oversight system is essential to market integrity and investor protection, and the PCAOB and CSRC share a common goal of promoting fair, open, and sound markets," PCAOB Chairman James R. Doty wrote in a letter.

(Xinhua News Agency August 8, 2011)