Chinese Bank Makes Auditing International

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Last updated at: (Beijing Time) Monday, December 31, 2001

Chinese Bank Makes Auditing International

The Industrial and Commercial Bank of China (ICBC) announced Sunday that starting from 2002, it will engage international accounting firms to carry out external auditing of the bank's management.

The Industrial and Commercial Bank of China (ICBC) announced Sunday that starting from 2002, it will engage international accounting firms to carry out external auditing of the bank's management.

An ICBC spokesman said that this move aims at measuring the bank's financial conditions, profitability and internal control ability in accordance with international standards, so as to gradually shift to international rules and increase international competitiveness.

He said that as a pilot program, the ICBC will engage Earnest & Whinney next year to audit the management of its Shanghai and Zhejiang branches.

Banking experts say that the ICBC's latest move will undoubtedly help the bank better adapt to the international financial competition that will come with China's entry into the World Trade Organization.

China Enhances Supervision on Auditing