Chinese Institute of Certified Public Accountants

We are pleased and greatly honored to be here today as the Ministry of Finance of the People's Republic of China and the Chinese Institute of Certified Public Accountants announce their intention to converge Chinese auditing standards with International Standards on Auditing. Your enormous achievements to date in strengthening the Chinese accountancy profession through convergence towards international standards should not be viewed as an isolated event. It is significant and fundamental to the further development of your country's capital markets and is, I believe, fully consistent with the reforms the People's Republic of China has advanced in the last decade.

The reforms, including opening your door to increased trade, authorizing the private ownership of business entities, and encouraging foreign direct investment by the establishment of free enterprise zones in coastal regions, have enhanced your country's role and reputation in the global markets. Adhering to high-quality auditing standards is another way to strengthen your financial architecture and confidence in your capital markets.

Related Resources

• IAASB Finalizes Changes for Engagements to Report on Summary Financial Statements
• IAASB Presentation and Outreach Activities January 2016-March 2016
• IAASB Presentation and Outreach Activities January 2016-May 2016
• The New Auditor’s Report: Speech to the 6th Brazilian Conference on Accounting and Independent Auditing
• Video Supplement to the Invitation to Comment, Enhancing Audit Quality in the Public Interest