China's military is set to begin a one-year long audit covering all levels of the armed forces as the central government continues its efforts to crack down on corruption within the military.

The Central Military Commission (CMC), chaired by President Xi Jinping, has recently announced its plan to conduct an investigation of all military personnel's income and expenses during 2013 and 2014, the People's Liberation Army (PLA) Daily reported Wednesday.

Zhao Keshi, head of the PLA's General Logistics Department and leader of the audit group, said during the group's first meeting Wednesday that Xi has attached great importance to the audit, which will help improve the army's efficiency in utilizing financial resources.

The investigation, which will cover all departments and ranks within the army, will be far-reaching and may involve conflicts of interest, Zhao said.

The financial investigation will look into all cash flows, receipts and expenses that exceeded original budgets to uncover cases of embezzlement or so-called "little coffers," hidden caches of cash that corrupt personnel have siphoned from public funds.

The CMC requires the army to make the investigation their top priority, and to regularly review its progress.

Major-General Xu Guangyu, senior consultant to the Chinese Military Disarmament Control Council, a non-governmental organization, told the Global Times that the move has shown to the taxpayers the authorities' resolve in furthering the corruption crackdown, and ensuring better use of funds.

"The investigation will dig out more tigers and flies (high- and low-ranking corrupt officials) still hidden from the current graft probe. It will also facilitate better financial management within the army to avoid the abuse of power and to build up financial discipline," Xu said.

The PLA daily said in a commentary Tuesday that the army has achieved some success in the fight against military corruption after setting up a series of rules to curb the misuse of expenses and improve financial efficiency.

In an earlier speech, Xi spoke about the importance of eliminating corruption among high-ranking military officers and said that it is forbidden for such officers to receive income other than their salaries, after the PLA announced investigations targeting 16 senior military officials, the PLA Daily reported.