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

• Companion Manual: Guide to Practice Management for SMPs
• Companion Manual: Guide to Quality Control for SMPs/Guide to Using ISAs in the Audits of SMEs/Guide to Review Engagements
• Staff Questions & Answers - Applying ISQC 1 Proportionately with the Nature and Size of a Firm
• Staff Questions & Answers – Professional Skepticism in an Audit of Financial Statements
• The Clarified ISAs—Findings from the Post-Implementation Review