China’s Accounting Law: Legal Liabilities Stipulated in Other Accounting Regulations
(I) Legal liabilities stipulated in the Law of Certified Public Accountants
(1) Where an accounting firm issues an audit report in violation of the law, the financial authority of the people's government at or above the provincial level shall issue a warning, and confiscate the illegal gains, and may impose a fine of more than 1 time but not more than 5 times the illegal gains. In case of severe violation, the financial department of the people's government at or above the provincial level may also suspend its business operation or revoke its business license.
(2) Where a certified public accountant issues an audit report in violation of the law, the financial authority of the people's government at or above the provincial level shall issue a warning. In case of severe violation, the financial department of the people's government at or above the provincial level may suspend its professional practice or revoke their certified public accountant certificate.
(3) Where an accounting firm or a certified public accountant deliberately issues a false audit report or capital verification report in violation of the law, and such act constitutes a crime, criminal liability shall be incurred in accordance with the law.
(4) Where an entity provides services of certified public accountants without approval, the financial authority of the people's government at or above the provincial level shall order it to stop the illegal acts, and confiscate the illegal gains, and may impose a fine of more than 2 times but not more than 5 times the illegal gains.
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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