英文目录

Highlights in This Issue

Serving full deepening of reform while promoting professional development to a new level

Ms. Feng Shuping, President of CICPA makes an in-depth analysis of the new situation and opportunity of the accountancy profession currently in her concluding remarks, and puts forward requirements that the profession should, focusing on serving economic transformation and upgrading and tax reform, further improve professional service capabilities, especially the ability to provide audit in new areas, carry out high-end services such as management consulting, and to use information technology. To strengthen the governance and quality control of accounting firms, consistently stick to integrity building, which is the lifeline of the profession, and translate the professional concept of “integrity and professional ethics first” into conscientious practice of every practitioner and accounting firm, the accountancy profession should adhere to professional ethics, integrity and practicing quality to better serve full deepening of reform.   

CICPA releases notice requiring the audit of 2014 annual report of listed companies to be done with full efforts

The Notice states clearly the general requirements of the audit of 2014 annual report of listed companies, which is: with the goal of ensuring the quality of annual report audit, focusing on strengthening the risk control, auditors should adhere to the principles of integrity, independence, objectivity and justice, be strictly compliance with the requirements of standards and related regulations and improve and implement effectively quality control related policies and procedures, so as to enable an upgrade of the annual report audit of listed companies. There are three characters of The Notice. Firstly, it emphasizes the implementation of requirements of professional ethics. Secondly, it puts forward requirements and solutions targeting at main problems found in the practicing quality review in recent years. Thirdly, it fully reflects the requirements of the FAQs of new accounting and auditing standards. 

CICPA issues 7 Frequently Asked Questions about auditing standards

On December 31st, 2014, CICPA issued China Standards on Auditing FAQs No.7: Journal Entry Testing and other 6 FAQs against high risk areas of financial statements fraud and urgent problems needed to be solved in practice, so as to provide better guidance to CPAs in using auditing standards, solving problems in audit practice and preventing audit risks. The previous 6 FAQs, China Standards on Auditing FAQs No.1: Professional Skepticism, etc. were issued in October, 2013.