International Financial Reporting Standards (“IFRS”), often known the original International Accounting Standards (“IAS”), are a set of accounting standards. They are issued by the International Accounting Standards Board (“IASB”), an independent, international organization supported by the professional accountancy bodies. The objective is to achieve uniformity and transparency in the accounting principles that are used by […]
Generally accepted accounting principles (“GAAP”) of the People’s Republic of China (“PRC”) come from a number of sources, majority of which represent the laws and regulations issued by the Ministry of Finance (“MOF”), and, listed company disclosures issued by the China Securities Regulatory Commission (“CSRC”).
Conducting a sound internal review prior to your annual audit will improve the efficiency of your audit and save both you and your auditors’ valuable time. a) Make sure your bank reconciliations are completed for all bank accounts. b) There should be no significant discrepancies in your petty cash c) Conduct a complete check of accounts receivables and […]
Most small to medium size FIEs prefer to their accounts being audited by an accounting firm with international standards expertise with a reasonable fee. In addition, in view of the complexity of China tax regulations, foreign investors should keep themselves being updated with any new rules and the modifications to existing regulations. Your auditor should […]
Yes. Under current legislation, all Foreign Invested Enterprises (“FIE”) such as Wholly Foreign Owned Enterprises (“WFOE”), Joint Ventures (“JV”), and Representative Offices (“RO”), are required to be audited on an annual basis. This statutory requirement has to be met prior to business license renewal every year. The deadline for the filing of annual audits is […]
The audit opinion is part of the auditor’s report expressing an opinion on the extent to which the financial statements are materially misstated. The fact that it is an opinion, instead of a certification, is meant to inform financial statement users that the auditor is providing reasonable assurance, rather than a complete assurance, as to […]
a) Auditor’s opinion b) Audited financial statements(balance sheet, income statement, cash flow statement, profit distribution statement, employee insurance details, tax payment details and foreign exchange statement) c) Explanation to each item on the audit report
There are four categories principles governing the audit professionals. a) General principles b) Working principles c) Reporting principles d) Audit report processing principles
To facilitate state reform and open policy, the 1982 Constitution of the People’s Republic of China set up the foundation of auditing profession in China. Over the past decades, auditors have played a very important role in maintaining state financial and economic order and strengthening the construction of uncorrupted governments. The promulgation of the Audit Law in 1994 […]
