Governance

Financial Management and Governance Issues in the People's Republic of China

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This report describes accounting and auditing arrangements and practices in the People's Republic of China, identifies deficiencies in those arrangements, and presents recommendations to address those deficiencies.

SEE ALSO

Financial Management and Governance Issues Series Diagnostic Study of Accounting and Auditing Practices Series

TRANSLATED VERSION

[ PDF: 1,540kb | 155 pages ]

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Contents

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Foreword, Contents, and Executive Summary [ PDF:222kb | 17 pages ]

1. INTRODUCTION [ PDF:22kb | 5 pages ]
   1. Study Background
   2. Objectives
   3. Scope
   4. Country Case Studies and Workshops
   5. The ADB Focus on Financial Governance in the PRC
   6. The People’s Republic of China

2. ACCOUNTING AND AUDITING IN THE PRC [ PDF:91kb | 25 pages ]

   Part One. Accounting

   1. Introduction
   2. Issues and Responses since 1979
   3. The ‘Chinese Accounting System’
   4. Financial Reporting Requirements

   Part Two. Auditing

   5. Introduction
   6. Governing Laws and Regulations
   7. Auditor Qualifications
   8. The Chinese National Audit Office (CNAO)
   9. Chinese Institute of Internal Auditing (CIIA)
   10. Public Accounting and Auditing Firms

3. PROFESSIONAL INFRASTRUCTURE [ PDF:56kb | 15 pages ]
   1. Introduction
   2. Legal and Regulatory Framework
   3. CICPA Structure and Financing
   4. CICPA Membership and Entry Criteria
   5. Continuing Professional Education (CPE)
   6. Professional Ethics and Practice Supervision
   7. CPA Legal Liability

4. ACCOUNTING AND AUDITING STANDARDS [ PDF:60kb | 16 pages ]

   Part One. Accounting Standards

   1. Introduction
   2. New Uniform Accounting Systems (Financial Standard)
   3. Accounting Standards

   Part Two. Auditing Standards

   4. Independent Auditing Standards (Business Enterprises)
   5. Government Audit Standards

5. ACCOUNTING AND AUDITING TRAINING [ PDF:21kb | 4 pages ]
   1. Introduction
   2. Educational Coordination
   3. Higher Education
   4. The National Accounting Institute (NAI)
   5. The National Uniform Accountant Qualification
   6. Auditor Training

6. GOVERNMENT BUDGETING AND ACCOUNTING [ PDF:35kb | 6 pages ]
   1. Introduction
   2. The Budget Cycle
   3. Legal Framework for Budgeting and Accounting
   4. Budgeting Roles and Responsibilities
   5. Accounting Bases
   6. Financial Reporting
   7. Budgeting and Reporting Developments
   8. Anti-Corruption Measures

7. DONOR ASSISTANCE [ PDF:48kb | 13 pages ]
   1. Overview
   2. Coordination Mechanisms
   3. Asian Development Bank
   4. International Monetary Fund (IMF)
   5. The World Bank
   6. United Nations ( UNDP )
   7. Australia ( AusAID )
   8. Canada ( CIDA )
   9. Germany ( GTZ )
   10. Others

8. ISSUES AND RECOMMENDATIONS [ PDF:65kb | 19 pages ]

   Part One. Where Donor Assistance Might be Appropriate

   1. Professional Supervision of CPA Firms (Quality Control)
   2. CPA Examination System Reform
   3. Organization for Accountants (Non-CPAs)
   4. National Uniform Accountant Examination System
   5. China Institute of Internal Auditing: Certification
   6. Development of CICPA Training Materials
   7. Plan for Strategic Development of the CPA Profession
   8. CNAO Training and Capacity Building
   9. CNAO: Computerized Audit Support Systems
   10. China Institute of Internal Auditing: Standards
   11. Training for Accounting Lecturers and Professors
   12. Development of Public Sector Accounting Standards

   Part Two. Where External Assistance is Not Required

   13. Conflicts between Standards and Regulations
   14. CPA and CICPA Independence
   15. Accounting Standard-Setting Body
   16. The Availability of Professionally Competent CPAs
   17. CPA Legal Liabilities
   18. CPA Professional Ethics
   19. Structure and Contents of Accounting Standards

9. MAIN DEFICIENCIES AND ACTION PLAN [ PDF:24kb | 2 page ]

REFERENCES AND APPENDIXES [ PDF:139kb | 47 pages ]