10.11.10 09:51 Age: 13 yrs

CICPA 38 Auditing Standards Adopted Principally

At the meeting of the China Auditing Standards Board (CASB) held in Beijing on 31 October, 38 auditing standards as amended by the Chinese Institute of Certified Public Accountants (CICPA) were adopted in principle. The standards will be formally released by the Ministry of Finance (MOH) upon a further improvement and are due to come into force from 1 January 2010. The new auditing standard system, which features a more scientific structure, a more comprehensive coverage of contents, more clear wordings, more emphasis on the identification and response of risks and a more extensive scope of application, has realized an overall convergence with the international auditing standards.

 

Source: www.gov.cn/gzdt/2010-10/31/content_1734679.htm