Jun. 12 – The “Measures for the Overall Evaluation of Accounting Firms (Amended) (huixie  No. 132, hereinafter referred to as the ‘Measures’)” have been published by the Chinese Institute of Certified Public Accountants (CICPA) on May 25, 2012. The Measures came into effect on June 1, 2012. The evaluation takes place annually and the information on the first 100 firms is publicized before the end of June each year. Only approved and certified CPA firms can participate in the evaluation.
The overall evaluation score is calculated as follows:
Overall evaluation score = Business Revenue Index score + CPA Personnel Number Index score + Overall Quality Index score – Penalty Index score
The penalty index score takes into account circumstances where the firm is subject to business suspension, issuance of warning, confiscation of illegal income, issuance of public condemnation, or where CPAs are subject to the revocation of licenses or memberships.
Dezan Shira & Associates is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia. Since its establishment in 1992, the firm has grown into one of Asia’s most versatile full-service consultancies with operational offices across China, Hong Kong, India, Singapore and Vietnam as well as liaison offices in Italy and the United States.
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This issue of China Briefing details FCPA regulations, fraudulent accounting practices within Chinese companies and due diligence issues for IPO listings. It also covers PRC GAAP regulations, compliance with them and the differences between EU and U.S. standards.
China Orders ‘Big Four’ Auditors to Restructure
China-U.S. to Boost Accounting Communication and Cooperation
Chinese State Secrecy Laws Being Pulled Apart Under Audit Stresses
U.S. and China Ramp up Clash over Cross Jurisdiction Audits
Stalemate Looms for U.S.–China Joint Accounting Oversight
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