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NAO Finds Problems in FAW

The National Audit Office have found accounting and financial management irregularities in China First Auto Works, which understated its profit in 2010 by 3.7 million yuan. According to a partner from RSM China CPAs, NAO and accounting firms have differences in perspectives of auditing. Firms focus on true and fair of financial reports, while NAO is more interested in the usage of assets and fraudulent issues.

 

Corporatized PE to Pay More Tax

The State Administration of Taxation issued a circular which may cause corporatized private equity to pay more enterprise income tax. According to the document, enterprises specialized in equity investment, mostly corporatized PE, will not be allowed to pay their enterprise income tax using the verification collection method.

 

Note:

“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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