Accounting firm engaged in the Chinese mainland enterprises listed overseas audit Interim Provisions

On the issuance of "accounting firms in mainland China Enterprises
Overseas-listed audit Interim Provisions "notice

Accounting [2015] No. 9
Provinces, autonomous regions and municipalities (bureaus), the Shenzhen Municipal Finance Committee:
In order to standardize the accounting firm engaged in the Chinese mainland enterprises listed overseas audit behavior, and promote domestic and foreign accounting firms to conduct business cooperation according to law, safeguard the interests of investors and the capital market order, according to "People's Republic of China Certified Public Accountants Law" and other relevant laws and regulations, financial Ministry formulated the "accounting firms in the Chinese mainland enterprises listed overseas audit Interim provisions", is hereby issued, shall go into effect July 1, 2015.
Accessories: Certified Public Accountants in the Chinese mainland enterprises listed overseas audit Interim Provisions
Ministry of finance
May 26, 2015
annex:
Accounting firm engaged in the Chinese mainland enterprises listed overseas
Audit Interim Provisions
The first to standardize accounting firms in the Chinese mainland enterprises listed overseas audit behavior, and promote domestic and foreign accounting firms to conduct business cooperation according to law, safeguard the interests of investors and the capital market order, according to "People's Republic of China Certified Public Accountants Law" and other relevant laws regulations, the development of the Interim provisions.
Article Interim Provisions referred to overseas listed audit refers to the accounting firm and the Chinese mainland enterprises to provide, directly or indirectly, shares issued overseas, bonds or other securities and listed (including the proposed listing, the same below) the relevant financial audit reports and post-marketing audit annual financial reports and other services.
Mainland Chinese enterprises directly or indirectly, shares issued overseas, the relevant audit business listed bonds or other securities and do not belong to the scope of practice of temporary overseas accounting firms can not practice by way of temporary entry to perform related operations.
Legally established in Mainland China and the Hong Kong SAR, Macao SAR and Taiwan investors directly or indirectly holds more than fifty percent stake in the equity, the share of property, voting rights or other similar rights, not audit its overseas listing Interim provisions applicable.
Article Chinese mainland enterprises listed by law to choose to comply with laws and regulations and regulatory requirements of mainland China or overseas accounting firms listed overseas accounting firm to provide audit services.
Article by overseas regulatory acceptance, authorized to provide audit services for the Chinese mainland enterprises listed overseas Chinese mainland accounting firms, audit services should be performed in accordance with the relevant laws, regulations and practice guidelines.
Article Chinese mainland enterprises overseas accounting firm commissioned by law, which shall be entrusted with foreign accounting firm business cooperation with mainland China accounting firms. Business cooperation parties shall sign a written agreement, the agreement negotiated autonomous business division as well as the rights and obligations of both parties, the audit working papers which should be formed in the territory of mainland China accounting firms located in the territory.
Article 6 Foreign accounting firms entrusted with the Chinese mainland enterprises listed overseas audit services, priority should be legally established and mainland China, with an initial public offering after the financial audit report or annual financial reports of listed audit experience, good practice and professional ethics and quality recently three years is not affected by the suspension because of the practice of partnership practicing more than 6 months of administrative penalties (including special general partnership) accounting firm business cooperation.
Foreign accounting firms audit shall bear fiduciary responsibility.
Article VII of the Hong Kong SAR China, Macao Special Administrative Region and Taiwan accounting firms entrusted with the Chinese mainland enterprises listed overseas audit services, priority should be legally established and mainland China, with more than 25 Chinese CPA, practicing good quality and professional ethics and the last 3 years has not been suspended because of the practice of practicing more than 6 months of administrative penalties accounting firms and business cooperation.
Trustee of the Hong Kong SAR, Macao SAR and Taiwan accounting firms audit shall bear responsibility, while enjoying the business distribution, distribution of benefits, and other leading rights in business cooperation.
Article VIII of overseas accounting firms in the Chinese mainland enterprises listed overseas audit shall be made at least to the Chinese mainland enterprises location provincial finance department filing (specifically see Appendix 1), with a copy to the 7th financial audit before entering execution unit. Meanwhile, the commission should be provided with a copy of the audit engagement letter signed by enterprises and business cooperation a written agreement with the Chinese mainland signed copy of the accounting firm.
Times foreign accounting firms that were not prepared or filing information (including audit engagement and operational cooperation written agreement) is untrue, incomplete, to be informed by the provincial finance department, ordered to make corrections and forwards in their country (region ) regulatory bodies dealing with; the circumstances are serious, make an announcement, since the announcement date of 5 years shall not engage the Chinese mainland enterprises listed overseas engagements.
Outside the CPA did not cooperate in accordance with the Chinese mainland accounting firms to carry out audit or save the audit working papers by the provincial finance department shall order rectification; the deadline is not correct and the illegal practice, shall be announced by the provincial finance department since the announcement date five years shall not engage in the Chinese mainland enterprises listed overseas engagements.
Article IX of overseas accounting firms in the Chinese mainland enterprises listed overseas audit should be (see the specific format in the case of business within 60 days after the report to the Chinese business cooperation enterprise is located inland provincial finance department a written report with mainland China accounting firms Annex 2), with a copy to the Ministry of Finance.
Outside accounting firm overdue report or information is untrue, incomplete, be informed by the provincial finance department, ordered to make corrections and forwards in their country (region) regulatory bodies dealing with; the circumstances are serious, shall be announced, since 5 years from the date of announcement shall not engage in the Chinese mainland enterprises listed overseas engagements.
Article 10 Chinese mainland accounting firms in the Chinese mainland enterprises listed overseas audit each year shall be in accordance with "Interim Measures CPA approval and supervision" (Ministry of Finance Order No. 24) shall be reported in the previous year to perform Chinese mainland enterprises overseas-listed audit cases, the Ministry of Finance in accordance with the specific requirements of the implementation of the annual filing work requirements. Late filing or not filing information is untrue, incomplete, to be informed by the local provincial finance department, ordered to make corrections listed as key supervision object.
Article XI mainland Chinese overseas enterprises commissioned accounting firm to provide audit services overseas listing, overseas accounting firms should prompt preference comply with the Interim Provisions Article VI to Article VII of the Chinese mainland accounting firms to conduct business cooperation.
Article XII of Chinese mainland enterprises listed overseas and to provide audit services to accounting firms should strictly abide by "on the strengthening of issuance and listing of securities related to confidentiality and records management work outside the rules" (China Securities Regulatory Commission, the State Secrecy Bureau Country Archives announcement [2009] No. 29).
Overseas listed Chinese mainland enterprises involved in legal proceedings and other matters required by the access to foreign judicial or regulatory body audit working papers or foreign regulatory body to perform its regulatory functions need access to audit working papers, in accordance with the implementation of domestic and foreign regulatory agencies regulatory agreement reached .
Article XIII of the Interim Provisions referred to foreign accounting firms, including foreign accounting firms established by law, China Certified Public Accountants Hong Kong SAR, China Macao Special Administrative Region and Taiwan accounting firms accounting firms.
Article XIV of the Interim Provisions shall go into effect July 1, 2015.
Attachment:
1. The entry of overseas accounting firms perform audits of business information report table
2. Overseas Chinese accounting firms and accounting firms business cooperation Mainland Report Form