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Overview of 2011 Public Companies Annual Audit

A total of 2054 public companies have disclosed their annual audit fees which amounted to 2.934 billion yuan. The Big Four lead the seven accounting firms that generated revenue of over 100 million yuan for providing auditing services to public company clients. While among the public company clients who paid more than 10 million yuan for annual audit services, only 2 of them chose indigenous firms.


Transition Guidelines for Joint Venture Firms Revealed

The Ministry of Finance, the State Administration for Industry & Commerce, the Ministry of Commerce, the State Administration of Foreign Exchange and the China Securities Regulatory Commission jointly issued the guidelines for the restructuring of joint venture accounting firms. According to the guidelines, the joint venture firms of Big Four in China are required to restructure into limited partnerships. The guidelines also clarify the qualification requirements for being a partner. The core of the requirements is to provide a transition agreement for foreign partners who have foreign professional certifications but do not hold Chinese CPA.


CICPA Issues Review Guides for Foreign Interest Confirmation Statement

The newly-issued guides are based on the work of relevant auditing standards and tailored for the practice of review of foreign interest confirmation statements covering various aspects such as practice engagement, plan and implementation of review procedures, generation of review conclusion and issue of review report.



“China Accounting News Weekly” is established on August 5, 2005. It selects important accounting news weekly to convenient the people can acknowledge the developments quickly. From its launching, thousands of people read it every week.
In order to promote the development of China accounting industry to English readers, we make this English edition on March 23, 2007. If there are any problems, please contact with qiaobocao@snai.edu.

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