Wen Jinghui’s coming under investigation is guessed to be involved in the misrepresentation case of Henan Tianfeng

　　The 44-year-old Wen Jinghui is currently director and partner of Li’anda Accounting Firm, and meanwhile independent director serving number of listed companies. He was appointed full-time members of the 9th Issuance Examination Committee of China Securities Regulatory Commission in 2007. Since July 4, 2013, Wen Jinghui has been under investigation by China Securities Regulatory Commission in suspicion of his violating some securities laws and regulations.

　　Audit Commission is planning to make it a rule to appoint chief comptroller in large state-owned enterprises

　　On the 16th, Audit Commission is publicly seeking advice from the society on Operational Regulation of Internal Audit (Draft). The Draft stated that chief comptroller should be appointed in large state-owned enterprises, enterprises with state-owned capital holding a decisive or leading position, or enterprises where the appointment of chief comptroller is a must according to relevant regulations. The chief comptroller is to be responsible for overall quality of internal audit.

　　Ministry of Finance will boost seven development tasks on accounting reform

　　It is involved in international convergence of accounting standards, construction of management accounting system, government accounting reform, internal control standards on enterprises as well as administrative and public institutions, accounting informationization, accounting talent strategy, transformation and upgrading of accounting firm, etc.

　　Ministry of Finance revised the salary accounting standards

　　The standards will be put into practice in all enterprises subject to Accounting Standards for Business Enterprises since July 1, 2014. “The revised standards make a clearer and wider definition of salaries. This means stricter practices on accounting standards and regulation, leaving narrower space for definition and operation by enterprises themselves.” the auditing expert was quoted as saying.

　　China has a total of 8,209 accounting firms

　　As of December 31, 2013, statistics showed there had been a total of 98,707 certified public accountants and 95,069 non-practicing members throughout China. Accounting firms qualified for securities and futures business amounted to 40. 11 Chinese Mainland-based large accounting firms are permitted to be engaged in H-share enterprise audit.

　　Note:

　　“China Accounting News Weekly”is established on August 5,2005.It selects important accounting news weekly to convenient the people can acknowledge the developments quickly.From its launching,thousands of people read it everyweek.In order to promote the development of China accounting industry to English readers,we make this English edition on March 23,2007.If there are any problems,please contact with qiaobocao@snai.edu.