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China issues internal control guidelines

The Chinese government has issued a guideline for implementing internal controls.

Deloitte said the guideline would raise the quality of financial reporting and minimise the risk of fraud.

The firm said it will also provide clearer guidance for Chinese companies to raise management standards and adopt best practices for risk management.

“The new guideline will support China to build up best practices in corporate governance, which has become more and more important in the wake of growing outbound and inbound investments in China,” said Danny Lau, Deloitte China national managing partner for enterprise risk services.

According to a Deloitte China survey, 84% of respondents believe the best way to improve corporate governance is to strengthen internal control procedures.

The guideline was released by the Ministry of Finance, the China Securities Regulatory Commission, the National Audit Office, the China Banking Regulatory Commission and China’s Insurance Regulatory Commission.

 

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