Ministry of Finance, Guiding Opinion on Directing Enterprises to Select Accounting Firms Using Objective Standards
财政部关于引导企业科学规范选择会计师事务所的指导意见
July 08, 2011 | BY
clpstaff &clp articles &Large local accounting firms are being promoted.
Issued: June 16 2011
Main contents: Under the same conditions, large- and medium-sized enterprises shall give priority to large- and medium-sized accounting firms that fulfil any of the following criteria:
(i) it is recommended by the Ministry of Finance and the China Securities Regulatory Commission to engage in the auditing of H-share enterprises;
(ii) it has the qualifications to engage in securities and futures-related business; and
(iii) it is in the form of a general partnership or special general partnership system (Article 4).
Small-sized enterprises shall, in principle, select small-sized accounting firms to provide the relevant services (Article 6). Where a large- or medium-sized enterprise selects an accounting firm that obviously does not match its own scale, industry position or social influence to provide services, the finance departments shall place such enterprise and the accounting firm that undertakes the business as key regulatory targets (Article 7).
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