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MOF Regulates Selection Of Accounting Firms By Financial Enterprises

07.01.11 00:55 Age: 7 yrs
MOF Regulates Selection Of Accounting Firms By Financial Enterprises

Beijing, China –December 20, 2010

 

Recently, the Ministry of Finance (MOF) promulgated the Administrative Measure of Tenders of Financial Enterprises for Selecting Accounting Firms (Provisional), in order to further enhance the management of financial assets belonging to the state, and to regulate the selection of accounting firms by financial enterprises with a controlling stake owned by the state. The Measure also stipulates that, during the selection of accounting firms by financial enterprises, if the service charge reaches or exceeds 1 million Yuan, procurement methods such as open tender or invitation for bids shall be adopted; if the service charge is less than 1 million Yuan, procurement methods such as open tender, invitation for bids or competitive negotiations may be adopted. The Measure also indicates that continuous appointment of an accounting firm (including related member organizations of the firm) shall in principle not exceed 5 years.

 

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