Return to: Home > News > Standards > China issues internal control guidelines

China issues internal control guidelines

Published: 29 Apr 2010
Email
Print

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.

Other Latest News

Top Content

Nigeria: building compliance and engagement

Opportunities created by regulatory and legislative changes in Nigeria are tempered by the fragile state of the economy, although practitioners are generally confident that conditions will improve over the next few years if appropriate steps are taken. Paul Golden reports.

Ghana: a quest for consistency

Ghana’s current economic profile would suggest a fertile landscape for purveyors of accounting services. But inconsistent approaches to compliance and application of standards – coupled with problems in the banking sector and consequent liquidity constraints – have created a challenging environment. Paul Golden writes.

Drone technology: audit takes to the skies

The movement towards a digitised era has already impacted the auditing profession in a number of ways, from blockchain to artificial intelligence. Now firms are taking to sky and using drone technology in their audits. Mishelle Thurai speaks to Big Four firms to find out more.

SBC: a new alliance joins the market

Jonathan Minter speaks to Paul Tutin, chair of founding firm Streets Chartered Accountants, about why the business and its European partners took the decision to launch their own association.