China Accounting News Weekly[No.60]
导读：China Accounting News Weekly[No.60]2.6-3.516 firms pass the 300m thresholdThe number of Chinese accounting firms whose annual operation income toppled 300 million yuan has reached 16 by the end of 2009. The Ministry of Finance implemented various mea
China Accounting News Weekly[No.60]2.6-3.5
16 firms pass the 300m threshold
The number of Chinese accounting firms whose annual operation income toppled 300 million yuan has reached 16 by the end of 2009. The Ministry of Finance implemented various measures in 2009 to promote the growth of accounting firms: instructing firms to provide professional services for the reform of the system of medical and health care; organizing studies, direction and training of expanding new business areas; strengthening the development of high-end professional talents, achieving the continuing and comprehensive convergence between Chinese accounting and auditing standards and international standards; progressing the trial work of conducting audits for H-share listed companies by mainland firms; encouraging mergers and acquisitions between prime firms.
CICPA publishes proposed Professional Works of CPA Guidance Catalogue
The Chinese Institute of Certified Public Accountants published for public comment an exposure draft of the Professional Works of CPA Guidance Catalogue on February 12. The CICPA had previously issued schemes of work for accounting firms to expand new business areas. The proposed Catalogue covers 253 items of professional works, of which 150 relate to assurance services, while the other 103 are about related services.
Audit regulation takes effect on May 1
The State Council promulgated the revised Implementary Rules of the Audit Law which was published originally in 1997. There are six important revisions made to the earlier version: auditors should withdraw from auditing entities with which he/she has an economic interest; appointment and removal of heads of local auditing offices should be done after seeking advice from higher auditing authorities; auditing offices have responsibility to safeguard the confidentiality of finance accounts of audited entities; auditing offices have authority to seal assets of audited entities for no more than 7 days; auditing offices should notice audited listed companies in advance before publicizing audit results; auditing teams should seek comments from audited entities before writing final audit reports.
Regulation on Supervising Finance of Places for Religious Activities issued
The Regulation has 9 chapters, 40 provisions, clarifying the fundamental principles of financial management of places for religious activities. It establishes a set of management rules including accounting setup, budgetary management, revenue management, expenses management, assets management, supervising management and legal responsibility. The Regulation takes effect on March 1, 2010.
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