China’s Accounting Law: External accounting supervision
(I) State supervision
State 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. Financial supervision
Financial supervision refers to the supervision exercised by financial authorities at all levels over the economic and business activities of entities in the process of accumulation, distribution, and application of capitals. Financial authorities shall exercise supervision over the following: ① Whether accounting books have been established in accordance with the law; ② Whether accounting vouchers, accounting books, financial reports, and other accounting documents are true and complete; ③ Whether the accounting practice conforms to the provisions of the Accounting Law and the national unified accounting system; and ④ Whether the personnel engaged in accounting work possess professional qualifications.
Practising lawyers
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Robert Zhang
An international lawyer registered in Shanghai, China. Master's degreePublish…
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Steve Li
An international lawyer registered in Shanghai, China. Master's degreePublish…
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