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China to intensify financial auditing of foundations after embezzlement scandals

(Xinhua)

18:40, November 29, 2011

BEIJING, Nov. 29 (Xinhua) -- China plans to intensify financial auditing of domestic foundations after a series of embezzlement scandals hit charity organizations, impacting upon donations.

The Ministry of Finance and the Ministry of Civil Affairs are now soliciting public opinions on new rules that will require domestic foundations to hire accounting firms to audit their financial statements and publish reports, according to a joint statement issued by the two ministries on Tuesday.

Under the new rules, domestic foundations' annual financial reports, and details of financial situations during management reshuffles must be subject to accounting firms' auditing. The requirements will also apply to certain donation programs, such as those accounting for more than 10 percent of the foundation's received annual donations or involving natural disaster relief.

Previously, auditing was required only for foundations' annual financial reports.

The new rules, expected to come into effect on Jan. 1 of next year, also lay down specific qualifications for accounting firms that can audit foundations.

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