Regulations
China Accounting News Weekly
Posted by:Admin|Published:03/10/2015 10:00|hits:78

  The State Council to cancel all examinations for non-administrative permission

  On the third meeting on clean governance held by the State Council on February 9, Premier Li Keqiang pointed out that the Chinese government would devolve some powers to lower levels, the pre-approval process of investment projects would be significantly slashed and all examinations for non-administrative permission would be canceled.

  Achievements of 2014 and tasks of 2015 by Accounting Department of Ministry of Finance

  Noticeable achievements have been scored in such sectors as governmental account reform, improving enterprise accounting standards system, construction of management accounting system, construction and implementation of internal control standards, construction of accounting information project, training of accounting talents, CPA (certified public accountant) industrial management, legal construction of accounting management, international accountants exchanges, and study of accounting theories.

  A total of 8,295 accounting firms in China

  Among these firms, 40 are qualified for handling the business of securities and futures, and 11 are large-scaled ones in Chinese mainland for audit services for H-share enterprises. And among 200,000 individual members of these firms, 99,045 are certified public accountants and 103,566 are non-practicing members.

  Talent structure is unreasonable---An industrial analysis by Jiangsu Institute of Certified Public Accountants

  In developed countries, the proportion of income of CPA industry to GDP is 0.5%, while that in China in the year 2013 was 0.1%, with merely 0.07% in Jiangsu Province whichlagged behind the national average. At present, of the CPAs in Jiangsu, 69.24% are above 40 years old, which is relatively old.

  Accountant Representatives at NPC & CPPCC 2015 annual sessions

  20 accountants attended the meetings of NPC & CPPCC 2015, including President Deng Liping of Xiamen National Accounting Institute, Chairman Zhu Jiandi of Lixin Certified Public Accountants, the senior partner Zhang Lianqi of Ruihua Certified Public Accountants, and Chairman Silas Yang of the regional Asia Board of PricewaterhouseCoopers.

  89 firms and 211 CPAs punished last year

  The Chinese Institute of Certified Public Accountants made a survey of 1,438 accounting firms on their practice quality and conducted a sample inspection of 16,681 business manuscripts. As a result, 16 firms and 21 CPAs were publicly censured, 46 firms and 97CPAs were criticized, and 27 firms and 93 CPAs were admonished.


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