All companies in China are required to carry out annual compliance procedures as mandated by various governmental departments. It is crucial to be aware of the relevant deadlines as failure to carry out these procedures on time may result in extra expenses, penalties, or even revocation of business licenses. While tedious, this process is a good opportunity for companies to conduct an internal financial health check and to optimize tax efficiency, financial structure and processes, as well as internal control mechanisms for fraud prevention.
China Company auditing is the process of examining the financial statements and the underlying records of the company in order to render an opinion as to whether the statements are fairly presented. Most commonly China Company auditing is performed on a company's request for the benefit of financial information users (i.e. internal and external). China Company auditing is independent appraisal performed by an independent expert of an activity or event. There are operational, technical, ecological and other types of audit. Most commonly, nevertheless, this term refers to audits of financial statements.
China Company auditing’s Function
Auditors of China Company auditing examine accounting and financial data and procedures to ensure accuracy and compliance with government guidelines and laws. They work to identify improper accounting or documentation and research issues in order to make recommendations to improve policies or procedures accordingly. Therefore, the main goal of an audit is to perform thorough evaluation of a company's financial records and reports and provide a company with improvement recommendations based on that evaluation.
China Company Auditing Can Perform the Following Auditing Services:
1. Audit financial statements and report in accordance with statutory and other relevant reporting guidelines to fulfill compliance requirements.
2. Evaluate internal operation and accounting controls, suggest possible improvements to safeguarding and control company resources.
3. Provide specialized audits and reports including audits for mergers, acquisitions, stock exchange listing and litigation purpose.
4. Providing the follow up with Inland Revenue Department and Taxation matters.
5. Co-ordinating multi-jurisdiction audits and accounts for trading SME.
6. Restructuring the management accounts for publishing company.
7. Advising an SME on its financial and accounting structure for tax compliance purposes.
8. Working with regional manufacturing SME on forensic accounting in anticipation of acquisition by a major industry player.
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