China’s Accounting Law: External accounting supervision(I) State supervision3. Tax supervisionIn the process of tax collection, the tax authorities may inspect the tax payment of entities and conduct accounting supervision. Tax inspection is a means for tax authorities to inspect and supervise the performance of taxpay…
China’s Accounting Law: External accounting supervision(I) State supervision2. Audit supervisionAccording to the applicable provisions of the Audit Law, audit authorities shall perform the following duties: ① Audit authorities shall exercise supervisory audit of the execution of budget, final accounts, and the managem…
China’s Accounting Law: External accounting supervision(I) State supervisionState supervision refers to the supervision of the accounting work of an entity by financial, auditing, taxation, securities regulatory, and insurance regulatory institutions and the People's Bank of China on behalf of the State.1. Financia…
China’s Accounting Law: Establishment of a sound accounting management system for internal supervisionAn entity should promote the standardization of the basic accounting work, establish a fund settlement center, conduct financial budget management in accordance with the principles of budget management and control, and…
China’s Accounting Law: Contents of internal supervisionTo exercise supervisory audit of the original vouchers;To supervise the accounting accounts;To supervise the physical items and funds;To supervise the financial statements;To supervise financial revenue and expenditure; andTo supervise other economic activities.
China’s Accounting Law: Basis for internal supervisionAn entity shall comply with the following rules and provisions in its internal supervision: ① The national financial laws, regulations, and rules; ② The accounting laws and regulations and the national unified accounting system; ③ The specific application rules a…
China’s Accounting Law: Internal Accounting Supervision(I) Concept and general requirements of internal supervisionInternal supervision refers to the supervision by the accounting department and accountants of an entity. Internal supervision should meet the following requirements: ① The responsibilities of bookkeepers…
China’s Accounting Law: Special provisions on accounting practice of companies and enterprisesAccording to the applicable provisions of the Accounting Law, in addition to the above provisions, corporate accounting practice shall also comply with the following provisions:(1) Companies and enterprises must recognize, mea…
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