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…
China’s Accounting Law: Legal liabilities stipulated in the Interim Measures for the Administration of Establishing Accounts by Individual Businesses(1) If an individual business that is required to establish accounting books by the Measures fails to do so, or although accounting books are established but the accounts …
China’s Accounting Law: Legal liabilities stipulated in the Measures for the Administration of Accounting CertificatesIf a certified accountant severely violates financial discipline, causing major economic losses to the State or the collective, or is subject to two administrative penalties for major demerits, or fraud…
China’s Accounting Law: Legal liabilities stipulated in the Interim Measures for the Administration of Agency AccountingIf an accounting agency violates the provisions of the Accounting Law or the national unified accounting system in their business practice, the financial authority is responsible for taking actions in…
China’s Accounting Law: Legal liabilities stipulated in the Trial Regulations on Accounting Professional PositionsThe evaluation and engagement (appointment) of accounting professionals shall adhere to the principle of meritocracy. Leaders at all levels shall conscientiously understand the applicable policies and prote…
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