Title

Auditing standards in China : a comparative analysis with relevant international standards and guidelines

Document Type

Journal article

Source Publication

The International Journal of Accounting

Publication Date

10-1-2000

Volume

35

Issue

4

First Page

559

Last Page

577

Keywords

Chinese auditing standards; International Standards on Auditing; Chinese professional ethics; International Federation of Accountants; Code of Ethics for Professional Accountants; Chinese accounting industry

Abstract

The continuing and deepening economic reforms in China have brought many changes both socially and economically to the society. The primary function of auditing in China has begun to shift away from the traditional tax compliance assessment towards the credibility lending to financial statements. The economic reforms and the development of the Accounting Standards for Business Enterprises have necessitated the parallel development of auditing standards in China. While some significant differences exist, the new Chinese auditing standards are, in a number of important aspects, similar to the professional standards promulgated by the International Federation of Accountants. The development of a comprehensive body of standards, auditor independence, the role of certain auditing techniques, and certified public accountant (CPA) population are the major areas that China needs to improve. Opening up the Chinese accounting industry will trigger significant advances in the implementation of Chinese standards and the development of the Chinese accounting profession.

DOI

10.1016/S0020-7063(00)00079-0

Print ISSN

10944060

E-ISSN

22133933

Publisher Statement

Copyright © 2000 University of Illinois

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Full-text Version

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Recommended Citation

Lin, K. Z., & Cham, K. H. (2000). Auditing standards in China: A comparative analysis with relevant international standards and guidelines. The International Journal of Accounting, 35(4), 559-577. doi: 10.1016/S0020-7063(00)00079-0