China to Enhance Supervision of Cross-Border Audit Business

China will strengthen supervision of cross-border auditors with a focus on the business licenses of accounting firms outside of the mainland, the Ministry of Finance says in a statement.

• Ministry also says it has fined a mainland-registered accountant 30,000 yuan after a probe by Hong Kong authorities discovered violations involving a Hong Kong accounting firm, Elite Partners CPA Limited
• Ministry bans Elite Partners CPA Limited from doing auditing work for Chinese firms listed abroad for five years
• This is the first time the ministry has made a decision restricting auditing business of an accounting firm outside of the mainland, Xinhua ...