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Home > Resources > News > China Accounting News
China Agrees to Send Audit Work Papers to U.S.2013-08-14
BEIJING (JULY 10, 2013)BY AIPENG SOO (Bloomberg) China will for the first time give audit records for a Chinese company to U.S. authorities after regulators reached an agreement in May to allow each other access to companies’ documents. The China Securities Regulatory Commission has informed i…
US SEC says audit firms hinder solar accounting fraud probe2013-08-14
From Reuters Jul 22, 2013 10 Jul, 8:47 AM US federal regulators tried to persuade a judge on Monday to sanction the Chinese arms of the world's top five accounting firms, saying their refusal to hand over audit work papers has hindered investigations into fraud at US-listed Chinese firms. In …
KPMG kicked out of Big Four in China2013-08-14
The Chinese Institute of CPAs is out with their annual rankings of the Top 100 CPA firms in China. The big news is that KPMG is no longer in the Big Four in China. It has been replaced by Ruihua China CPAs, the firm formed by the merger of Crowe Horwath and RSM, which also pushed E&Y to 4th plac…
Audit rotation in China2013-08-14
From chinaaccountingblog by Paul Gillis Jul 22, 2013 The Wall Street Journal printed an op/ed about the auditing of China’s big banks. The op/ed makes a number of misleading or incorrect statements about what is going on with the auditing of China’s big banks. The piece says that Chinese bank…
MOF Regulates Selection Of Accounting Firms By Financial Enterprises 2011-01-13
Recently, the Ministry of Finance (MOF) promulgated the Administrative Measure of Tenders of Financial Enterprises for Selecting Accounting Firms (Provisional), in order to further enhance the management of financial assets belonging to the state, and to regulate the selection of accounting firms by…
MOF To Focus On 8 Accounting Areas In Companies' Annual Reports For 2010 2011-01-13
The Ministry of Finance (MOF) recently issued the Circular on Doing Well in 2010 Annual Report of Listed and Unlisted Companies Governed by Accounting Standards for Enterprises (“the Circular”), which specifies the issues to which financial departments at all levels shall pay close attention in the …
CICPA 38 Auditing Standards Adopted Principally 2010-11-29
At the meeting of the China Auditing Standards Board (CASB) held in Beijing on 31 October, 38 auditing standards as amended by the Chinese Institute of Certified Public Accountants (CICPA) were adopted in principle. The standards will be formally released by the Ministry of Finance (MOH) upon a furt…
MOF Consults Public On Small Enterprise Accounting Standards 2010-11-29
As an effort to standardize the accounting behaviour of small enterprises and ensure the quality of their accounting information, the Ministry of Finance (MOF) recently drafted the Accounting Standards for Small Enterprises based upon extensive investigation and research to solicit public opinion un…
MOF Seeking Advice On IAS Lea2010-11-29
The International Accounting Standard Board(IASB)published the International Accounting Standard (IAS) Leases (Exposure Draft) (referred to as the Draft below) this year and is seeking advice on a global scale: the deadline for receiving comments from China is 15th December 2010. The Draft prescribe…
MOF Announces New Rules Governing Accounting Firms' Financial Management2010-08-23
The Ministry of Finance (MOF) has published the "Interim Measures on the Financial Management of Accounting Firms", which require accounting firms to adopt effective financial control and management systems so as to ensure that the whole firms' accounting and auditing activities and …
MOF Imposes Requirements Of Proper Management On Small Accounting Firms 2010-08-23
The Ministry of Finance (MOF) has announced the "Interim Provisions on Systematically Guiding the Development of Small Accounting Firms" (Caihui (2010) No. 13), under which a small accounting firm means a small-scale accounting firm providing specialized services. According to the Interim Provisions…
E&Y to double headcount2010-04-01
Shanghai Daily   ERNST & Young will at least double its advisory team in one to two years to tap into a rising Chinese economy, a senior partner said yesterday in Shanghai, adding that its revenue will also rise at least as much."We plan to double our business in the next one to two years…
CICPA Consults Industry On Ten Draft Auditing Rules 2010-03-26
The Chinese Institute of Certified Public Accountants has published the draft amendments to 10 of 38 auditing rules as part of its plans to overhaul the auditing rules. The areas governed by these ten auditing rules include agreement on the terms and conditions for auditing services (Auditing Rules …
Five Ministries And Commissions To Regulate Enterprise Registration Agent Services2010-03-26
The SAIC, MPS, MOF, PBC and CBRC have recently published the Notice on Launching Rectification of Acts in Violation of Laws and Regulations in Enterprise Registration Agent Services to launch a nationwide special rectification of acts in violation of laws and regulations in enterprise registration a…
CICPA Consults Industry On Expansion Of CPA Services 2010-03-26
The Chinese Institute of Certified Public Accountants (CICPA) is now consulting the local CPA associations on its opinions regarding further development of the accounting industry. According to the CICPA, it is proposed that the scope of certified public accountants' services should be expanded to s…
Rules On Offices Of Accounting Firms Issued 2010-03-26
The Ministry of Finance has promulgated the "Interim Measures on the Administration of the Offices of Accounting Firms" which will take effect on 1 July 2010. For the purpose of the Measures, an office of an accounting firm is the office, which does not have independent legal person status, establis…
CICPA Publishes 3rd Batch Of Consultative Drafts For Revision Of Ten Auditing Rules 2010-03-26
The Chinese Institute of Certified Public Accountants has recently published the 3rd batch of consultative drafts for the revision of ten accounting standards, which include ten consultative drafts for revision such as Quality Control Implemented on the Audit of Financial Statements, Important Princ…
MOF Consults Experts & Authorities On Accounting Firm Finance Management Measures2010-03-26
he Ministry of Finance (MOF) released the “Temporary Measures on the Finance Management of Accounting Firms (Consultative Draft)” on 27 January for consultation from the relevant entities, experts and scholars by 6 March 2010. The Consultative Draft has set out specific provisions with respect to th…
MOF Proposes To Regulate Development Of Small Accounting Firms2010-03-26
The Ministry of Finance (MOF) has published the draft "Interim Provisions of the Ministry of Finance on Systematically Regulating the Development of Small Accounting Firms" for public consultation, which will remain open until 6 March 2010. Small accounting firms prescribed in the Provisions are ref…
MOF Proposes Medium & Large Accounting Firms To Operate In Special Partnership2010-03-26
The Ministry of Finance (MOF) has published the draft "Interim Provisions of the Ministry of Finance on Advancing Medium and Large Accounting Firms to Operate in the Form of a Special Partnership" and the related authorities are invited to give comments and suggestions by 6 March 2010. It is propose…
CICPA Publishes Fourth Batch Of Draft Amended Auditing Rules For Consultation 2010-03-26
The Chinese Institute of Certified Public Accountants (CICPA) has published nine more draft amended auditing rules to consult the industry until 3 March 2010. These nine draft amended rules mainly cover the liability for deception and cheating in auditing financial statements, communications between…
Measures For Administration Of Service Charges Of Accounting Firms Issued 2010-03-26
The NDRC and the MOF have recently jointly promulgated the Measures for the Administration of Service Charges of Accounting Firms, to divide the service charges of accounting firms into two categories for administration; government-directed prices shall be implemented in mandatory accounting service…
Insurers Required To Report Data In Compliance With Insurance Contract Accounting Rules 2010-03-26
The China Insurance Regulatory Commission (CIRC) has issued a notice requiring all property insurance companies and re-insurance companies to report the required information, such as the data on their reserves and auditing results, in compliance with the "Provisions on Accounting for Insurance Contr…
CIRC Requires Insurers To Effectively Comply With Corporate Accounting Rules Interpretation II 2010-03-26
The China Insurance Regulatory Commission (CIRC) has released the “Notice on Effectively Implementing the ‘Interpretations No.2 on the Corporate Accounting Rules’ in the Insurance Industry” to further regulate the implementation of the relevant documents in the insurance industry. Under the Notice, …
Opinions On Hospital Reform & Draft Amended Public Administrative And Audit Laws Passed 2010-03-26
In the meeting chaired by Wen Jiabao, Premier, on 2 February, the State Council in principle passed the "Opinions on Guiding the Trial Public Hospital Reform" such that one to two cities in each province will first undergo the reform, which will then be expanded to other cities. The State Council al…

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