China’s Accounting Law: Internal Accounting Supervision
(I) Concept and general requirements of internal supervision
Internal 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, approvers, processors, and property custodians involved in economic transactions and accounting matters shall be clearly defined, separated, and constrained from each other; ② The procedures for mutual supervision and mutual constraint in the decision-making and execution of major foreign investment, asset disposal, capital allocation, and other major economic transactions shall be clearly defined; ③ The scope, time limit, and organizational procedures for property inventory shall be clearly defined; and ④ The methods and procedures for conducting regular internal audits of accounting documents shall be clearly defined.
Practising lawyers
-
Robert Zhang
An international lawyer registered in Shanghai, China. Master's degreePublish…
-
Steve Li
An international lawyer registered in Shanghai, China. Master's degreePublish…
ABOUT AUTHOR
- We are a group of China local lawyers from a few law firms
- Email: elitelawyers@outlook.com
My blog: http://www.shanghailawyer.xyz
Copyright © 2020 China International Arbitration Lawyers. All Rights Reserved.
