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China's Economic and Social Development and the Progress in the Accountancy Profession
 

China's Economic and Social Development and the Progress in the Accountancy Profession

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Presentation by Dr. Chen Yugui, PAODC / PAIB Committee / CICPA Joint Session, Beijing,China, October 15, 2013

Presentation by Dr. Chen Yugui, PAODC / PAIB Committee / CICPA Joint Session, Beijing,China, October 15, 2013

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    China's Economic and Social Development and the Progress in the Accountancy Profession China's Economic and Social Development and the Progress in the Accountancy Profession Presentation Transcript

    • China's Economic and Social Development and the Progress in the Accountancy Profession Presented by: Dr. Chen Yugui Deputy President & Secretary-General of CICPA October 15, 2013, Beijing, P. R. China
    • I. China's economic and social development 1. Overview of the country Size: 9.6 million square kilometers 4 Municipalities 23 Provinces 5 Autonomous Regions 2 Special Administrative Regions Population: 1.37 billion Growth Rate: 0.57 % 2
    • I. China's economic and social development 2. China’s economic achievements 3
    • I. China's economic and social development 3. Challenges and prospects of economic and social development 4 Source: barbaradenny.com
    • II. Progress in the Chinese Accountancy Profession 1. Background of the profession The CPA Law (October 1993) 5
    • II. Progress in the Chinese Accountancy Profession 1. Background of the profession (Continued) 6
    • II. Progress in the Chinese Accountancy Profession 1. Background of the profession (Continued) National Program for Medium and Long-term Talent Development (2010-2020) 7
    • II. Progress in the Chinese Accountancy Profession 2. Overview of the CICPA 8
    • II. Progress in the Chinese Accountancy Profession 2. Overview of the CICPA (Continued) October 1996 9 May 1997
    • II. Progress in the Chinese Accountancy Profession 2. Overview of the CICPA (Continued) 10
    • II. Progress in the Chinese Accountancy Profession 3. Implementation of the development strategy for the profession 11
    • II. Progress in the Chinese Accountancy Profession 4. About the CPAs and the accounting firms 12
    • II. Progress in the Chinese Accountancy Profession 4. About the CPAs and the accounting firms (Continued) 13
    • II. Progress in the Chinese Accountancy Profession 4. About the CPAs and the accounting firms (Continued) • Accounting firms: There are 8,151 accounting firms in total across China, including 47 firms qualified for businesses related to securities and futures trading. 14
    • II. Progress in the Chinese Accountancy Profession 4. About the CPAs and the accounting firms (Continued) • In 2012, 47 firms in China saw their respective business revenue exceeding 1 billion Yuan, including 11 local Chinese firms whose respective revenue topped 1 billion Yuan, the highest of which reaching 2.4 billion Yuan. 15
    • II. Progress in the Chinese Accountancy Profession 4. About the CPAs and the accounting firms (Continued) • So far, more than 70 Chinese firms had set up branches, member agencies and contact bodies in other jurisdictions, while 12 large firms had obtained the qualification for auditing H-share companies. 16
    • II. Progress in the Chinese Accountancy Profession 5. Opening-up of the accounting market • We opened up the accounting services market immediately after the restoration of the accountancy profession. At present, over 50 Chinese accounting firms have joined international accounting networks or alliances. 17
    • II. Progress in the Chinese Accountancy Profession 5. Opening-up of the accounting market (Continued) • Each year the country sees more than 100 temporary accesses for cross-border practice by foreign firms and a dozen of professional accounting organizations overseas recruiting members and organizing personnel training within the territory of China. 18
    • II. Progress in the Chinese Accountancy Profession 6. Personnel training 19
    • II. Progress in the Chinese Accountancy Profession 6. Personnel training (Continued) 20
    • II. Progress in the Chinese Accountancy Profession 7. Development of the practicing standards 21
    • II. Progress in the Chinese Accountancy Profession 7. Development of the practicing standards (Continued) 22
    • II. Progress in the Chinese Accountancy Profession 7. Development of the practicing standards (Continued) 23
    • II. Progress in the Chinese Accountancy Profession 8. Regulation • The CICPA has established a practicing quality regulatory system for accounting firms, which is based on periodic inspection with systemic risk prevention and control as its core, reflecting the independent regulatory requirements in convergence with the internationally accepted regulatory regime. 24
    • II. Progress in the Chinese Accountancy Profession 8. Regulation (Continued) • An audit and regulatory system for financial reporting of listed companies has been set up covering the entire reporting process, which plays an important role in safeguarding the stability of the capital market and the interests of the general public. 25
    • II. Progress in the Chinese Accountancy Profession 8. Regulation (Continued) • In respect of practice quality, firms qualified for businesses related to securities and futures trading are directly inspected by the CICPA every three years, and shall be regulated by the China Securities Regulatory Commission (CSRC) and the Ministry of Finance, P. R. China (MOF); 26
    • II. Progress in the Chinese Accountancy Profession 8. Regulation (Continued) • the rest of firms are inspected by local institutes of certified public accountants every five years under the CICPA guidance. 27
    • II. Progress in the Chinese Accountancy Profession 8. Regulation (Continued) • The European Commission recognized the equivalence in the audit regulatory systems between China and the EU upon a resolution adopted in early 2011. 28
    • II. Progress in the Chinese Accountancy Profession 9. Challenges facing the profession, the development goals for the next five years and the major tasks at the current time 29
    • II. Progress in the Chinese Accountancy Profession 9. Challenges facing the profession, the development goals for the next five years and the major tasks at the current time (Continued) 30
    • II. Progress in the Chinese Accountancy Profession 9. Challenges facing the profession, the development goals for the next five years and the major tasks at the current time 31
    • II. Progress in the Chinese Accountancy Profession Thank you! 32