Ministry of Finance and China Securities Regulatory Commission, Circular on Issues Relevant to the Engagement in Securities- and Futures-related Businesses by Accounting Firms
财政部、中国证券监督管理委员会关于会计师事务所从事证券、期货相关业务
July 02, 2007 | BY
clpstaff &clp articles &Requirements on accounting firms engaging in securities- and futures-related businesses imposed.
Issued: April 9 2007
Effective: As of date of issuance
Main Contents: Accounting firms that apply for qualifications for engaging in securities- and futures-related businesses (Securities Qualifications) shall fulfil criteria such as:
(1) having been established in accordance with the law for at least three years;
(2) the net assets of limited liability accounting firms and partnership accounting firms shall be no less than Rmb5 million and Rmb3 million respectively;
(3) the sum of the aggregate compensation limit for occupational insurance and the aggregate occupational risk funds of the accounting firm shall be no less than Rmb6 million;
(4) the income from audit business in the preceding year shall be no less than Rmb16 million; and
(5) the shareholders with no less than 50% of the equity or at least half of the partners have been practising at the firm for three years or more (Article 1).
Accounting firms established by way of a merger or division of accounting firms with Securities Qualifications shall no longer possess Securities Qualifications (Article 3).
clp reference:3110/07.04.09promulgated:2007-04-09effective:2007-04-09This premium content is reserved for
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