This is what Sam and Hiba are doing. We can modify it a bit.

For one we can't write about Baord structure because that info is not disclosed. I will do the history, setup and overview. You do the purpose of standards and applicability. After that we can work on the other thing by discussing at 1am. okay?

Purpose and need for auditing standards in China:

[Fully paraphrased, not to worry] Quoting Dr. Wang Jun, who holds the post of chairman of The Chinese Auditing Standards Board also referred to as CASB and also serves as the Vice Minister to the Chinese Ministry of Finance; The fundamental principle of drafting the Chinese auditing standards is to continuously improve them, as well as achieve continuous and comprehensive convergence with international auditing standards in line with the development of Chinese market economy and the overall trend of economic globalization and international convergence. So the very purpose of China to implement standards is to not only ensure that they are a platform for countrys economic activity but serve as a basis for much future development. China can quite literally be dubbed as the largest and if not fastest developing country of our time and so by implementing the right kind of standards their business and economic systems will be seen a benchmark for many of the developing countries across the globe Additionally, China sees a lot of investment from overseas and locally to ensure their economic development and financial stability enforcing and creating a set of auditing standards is a logical response. (http://www.ifac.org/news-events/chinese-auditing-standards-board-and-international-auditing-andassurance-standards-bo-0)

Applicability
For shares traded on the Hong Kong Exchange, the primary regulatory body is the Securities and Futures Commission, which was created in 1989. This body is similar to the U.S. Securities and Exchange Commission. Its major role is to protect public investors and to assist the Hong Kong Finance Secretary in maintaining orderly markets.
The Chinese Institute of Certified Public Accountants (CICPA) is responsible for (3)To conduct annual quality assurance program for individual CPAs and accounting firms; [ source http://www.cicpa.org.cn/english/ ]
CSRC (China Securities and Regulatory Commission) share a common goal much similar to PCAOB of promoting fair, open and sound markets.