CICPA has recently issued the Opinions on Serving the Overall Economic Growth and Promoting the Stable Development of the Accounting Profession Under the Current Economic Situation, in order to respond to the influence of the financial crisis on the profession in China and enhance the market confidence. The Opinions mainly tackles four areas:

 

l         Under the current situation, the whole profession should particularly insist on the motto of integrity and stick to the professional ethics, so as to better play its role of auditing supervision and professional consultation;

l         The whole profession should strengthen quality assurance and risk control to avoid conversion of business operation risks to audit risks;

l         The accounting firms should act actively to promote the transformation and upgrading of business, reinforce training and reserve of talents, tighten up internal governance, transfer the crisis to opportunity as well as enhance competitiveness;

l         All local CPA Institutes should strengthen investigation and research on relevant issues, actively publicize national macro-economic policies and guide the accounting firms to overcome difficulties and combat the crisis.

 

CICPA has launched a web page dedicated to the financial crisis which features high-profiled speeches, initiatives of the profession, national policies as well as international updates. The page can be accessed via http://www.cicpa.org.cn/ydjrwj/.