China’s Audit Law: Audit Authority and Audit JurisdictionThe National Audit Office is the highest audit authority in the PRC, and it is also a department directly under the State Council. Under the leadership of Premier the State Council, the National Audit Office is in charge of national audit work, and is responsible…
China’s Audit Law: Principles(1) Principle of legality: Audit authorities shall exercise supervisory audit in accordance with the powers and procedures stipulated by national laws;(2) Principle of independence: Audit authorities shall independently exercise their power of supervisory audit according to law and free fro…
China’s Audit Law: ApplicabilityApplicability: The budgetary revenues and expenditures of various departments of the State Council, the financial revenue and expenditure of State-owned financial institutions, enterprises and public institutions, and other budgetary and financial revenues and expenditures that should be…
China’s Audit Law: Legislative purposeThe legislative purpose is to improve the national supervisory audit, maintain the national financial and economic order, promote the construction of a clean government, and ensure the healthy development of the national economy.
China’s Audit Law: Audit law system(1) Narrowly defined: audit law refers to the Audit Law of 1994 (revised on February 28, 2006);(2) Broadly defined: In addition to its narrow sense, the Regulations on Application of the Audit Law (1977) of the State Council, the Basic Standards for National Audit of the National Audi…
China’s Audit Law: Definition and ApplicabilityAudit law refers to all the legal norms that regulate audit relationships.Audit relationships, i.e., the supervisory audit relationship between and among specialized agencies and personnel engaged in audit work and the State in the process of managing audit work. As China&…
China’s Audit Law: Audit classification(1) Based on different types of auditors, it is divided into national (government) audit, internal audit, and social audit (independent audit, private audit, and certified public accountant audit). The above is the most fundamental and important classification. On the basis of suc…
China’s Audit Law: Meaning of auditThe original meaning of audit is to review accounting accounts. In its legal sense, audit refers to the supervisory activities of reviewing and evaluating the accounting information of specified entities and the financial revenues, expenditures, and other economic activities reflected…
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