China Plans to Revise Accountants Law to Tighten Oversight

China’s top legislature will review a revised draft law to tighten oversight and penalties for certified public accountants while supporting the sector’s development, the official Xinhua News Agency reports.

• Draft was submitted for a second reading at the National People’s Congress Standing Committee, following a public consultation after its initial review
• It adds provisions prohibiting audited entities from providing false accounting materials and introduces penalties for third parties who collude to induce false audit reports
• New clause stipulates criminal liability where violations constitute crimes, reinforcing stricter and more precise enforcement
• Draft does not set a specific minimum fine amount and ...