Premier Li Keqiang urged the practice of “one certificate, one ID number” to be implemented by the end of this year

　　According to the proposed registration system “integrating three certificates into one”, the existing three certificates of Business License, Organization Code and Tax Registration will be superseded by “one certificate bearing three ID numbers”. However, the Premier goes one step further based on this proposal, requiring a “one certificate, one ID number” approach, which means the business registration number, organization code and tax identification of a given entity shall be replaced by one single “commercial registration number”. The entity so registered may use this unified number as its exclusive identification thus minimizing both the social and administrative costs.

　　Self-inspections concerning “tax intermediaries” are being undertaken by the State Administration of Taxation

　　The following four aspects will be inspected: whether taxpayers are forced to accept services provided by intermediaries with regard to the preparation of financial statements and documents or acts in connection with any other tax-related affairs; whether there are certain intermediaries designated to deliver services with regard to the preparation of financial statements and documents or acts in connection with any other tax-related affairs; whether powers of administrative approval and licensing are abused in exploiting for individual or organizational benefits colluding with intermediaries; and whether any spouse, child or immediate family members of any tax officer is engaged in intermediary services in the area under the jurisdictions of certain tax officer in question.

　　CICPA has released the Audit Bulletin on 2014 Annual Reports (vol 11)

　　As of 13 April, 40 firms had prepared audit reports on financial statements for 1592 public companies, 1572 of which were standard unqualified reports and 20 were reports of unqualified audit opinions with explanatory notes. As of 13 April, 40 firms had prepared audit reports on internal control for 884 public companies, 866 of which were standard unqualified reports, 14 were reports of unqualified audit opinions with explanatory notes and 4 were audit reports with adverse opinions.