China’s Accounting Law: Legal Liabilities Stipulated in the Accounting Law(I) Liabilities of accounting firms, accountants, chiefs, and persons directly responsible for violating the Accounting Law(1) In case of any of the following acts in violation of the Accounting Law, the people's government at or above the co…
China’s Accounting Law: External accounting supervision (II) Social supervisionSocial supervision refers to a form of supervision in which social intermediary institutions audit the economic activities of entities in accordance with the law and make objective evaluations based on the facts. According to Article 31 of t…
China’s Accounting Law: External accounting supervision(I) State supervision6. Supervision by insurance regulatory authoritiesAccording to the Insurance Law, insurance regulatory authorities mainly supervise the insurance industry as follows.(1) The insurance clauses and premium rates of the main types of commercial in…
China’s Accounting Law: External accounting supervision(I) State supervision5. Supervision by securities regulatory authoritiesA securities regulatory authority refers to an authority established by the State or a government to supervise and administer the securities market. According to the Securities Law, The securit…
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…
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