China Permit 68 Firms for Audit BusinessThe central People's Bank of China and the Ministry of Finance announced the list of 68 certified public accounting firms permitted to conduct finance-related audit business in China."It is the first group of certified public accounting firms to be approved by the Chinese central bank and the Ministry of Finance to conduct auditing business for financial institutions in China," a spokesman with the central bank said Tuesday, December 5. Financial institutions which now entrust other firms with their business, will have to stop any further business, the spokesman said. The 68 firms are required to abide by the Certified Public Accountant Law of the People's Republic of China and other related regulations when auditing finance-related business. China will practice a yearly inspection system on these firms to ensure the quality of the auditing, he added. Experts hailed the move as a further measure to rectify the country's chaotic professional service market, which has grown rapidly over the past decade. |
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