Cover Story: Breaking the Ice in the China-U.S. Audit Standoff

As many as 200 Chinese companies and their investors may breathe a sigh of relief after China and the U.S. moved Friday to resolve a years-long dispute that threatened to get their stocks kicked off American markets.

Under a preliminary agreement between regulators in the two countries, American officials will get their long-sought access to vet accounting companies based in the Chinese mainland and Hong Kong and review audit documents related to Chinese businesses.