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Chinese charity caught in financial statement controversy (5)

By Zhong Qun and Cheng Yunjie (Xinhua)

11:06, December 13, 2012

Auditor Beijing Zhongzheng Tiantong Certified Public Accountants (BZTCPA) admitted it failed to detect the mistake, the Beijing News reported on Tuesday, citing Li Zheng, BZTCPA's assistant chief public accountant.

According to the cash-flow statement revealed by Zhou Xiaoyun, the foundation received 82 million yuan in donations last year. Of the total, 45 million yuan was donated while 1.83 million yuan went to employee salaries, and about two million was used for purchasing services.

But these figures, together with the whereabouts of the money under the item of other cash, are yet to be confirmed by the foundation.

Zhu Lijia, a professor with the Chinese Academy of Governance, said that China needs to further improve its laws and regulations for more effective supervision of non-profit organizations.

"More specific stipulations are needed to guarantee openness and transparency in organizations like the CCAFC," Zhu said.

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