China further regulates companies' accounting firm hiring

2023-May-5 15:25 By: Xinhua

BEIJING, May 4 (Xinhua) -- Chinese authorities required further regulation of state-owned enterprises and listed companies to hire accounting firms, according to the Ministry of Finance on Thursday.

The regulation, jointly released by the Ministry of Finance, the State-owned Assets Supervision and Administration Commission of the State Council, and the China Securities Regulatory Commission recently, aimed to promote fair competition in the certified public accountant profession and improve audit quality.

The state-owned enterprises and the listed companies should employ recruitment methods, including competitive negotiation, open bidding, and invitations to tender to fully understand the competence of the accounting firms, according to the regulation.

The financial departments could, under the law, take such regulatory measures as ordering the accounting firm which violates the provisions to rectify its misconduct, summoning the firm for talks, issuing an inquiry or warning letter, and demanding its public explanation, the regulation added. ■

Editor: JYZ
More from Guangming Online

Disclaimer

The views and opinions expressed in this article are those of the author's, GMW.cn makes no representations as to accuracy, suitability, or validity of any information on this site and will not be liable for any errors, omissions, or delays in this information.

点击右上角微信好友

朋友圈

请使用浏览器分享功能进行分享