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China's rapid economic growth and integration into the world economy is making the nation increasingly attractive to leading international accounting associations.
The huge demand for accountants familiar with both the local market and international practices is helping non-profit professional associations expand membership in China, and therefore better assist the progress of the local accounting industry, the non-profit associations say.
"The rapid economic growth in China has generated enormous demand for internationalized accounting professionals," said Chuck Zhang, chief representative for CPA Australia, the world's sixth largest accounting body.
Although not all Chinese accountants are pursuing membership from leading accounting bodies like his, Zhang said the desire is strong among senior accountants, especially those participating in international projects such as overseas stock listings.
"The demand is really concrete, and very strong," he said.
China currently has 130,000 certified public accountants (CPAs), far less than the estimated 300,000 it needs.
The shortage of internationally-competent accountants is particularly huge, as the Chinese economy integrates into the world economy at an increasingly rapid pace and a growing number of local enterprises seek overseas stock offerings.
The world's auditing expenditures rose by 16 per cent last year, which compares to a 46 per cent surge in China, according to CPA Australia. A huge part of the auditing business went to the four leading accounting giants such as Ernst & Young, analysts said.
But "the big four accounting giants are not enough to foster the accounting talents China needs," said Joseph Lee, president of the CPA Australia Beijing Committee. "We need to push the Chinese accounting industry to grow faster."
"CPA Australia has a lot of experience to share," he added, citing the 2000 Sydney Olympics and the growing number of Chinese students studying in Australia.
CPA Australia, which entered the Chinese market in 2002 by establishing a representative office in Beijing, currently has 728 members on the Chinese mainland. Lee said he expects the number to grow to 900 next year.
The association requires membership applicants to have at least a bachelor's degree, which Lee said is strictly relative to many other international accounting bodies. Members must also take 40 hours of CPD (continuing professional development) education per year.
Like other accounting associations, CPA Australia is non-profit, and covers its expenditures with membership fees and income from the training programmes and exams it provides.
Other major accounting associations active in China include Britain's Association of Chartered Certified Accountants, which now has 1,500 Chinese members, and the Certified General Accountants of Canada, which has some 400 Chinese members.
(China Daily December 20, 2004)
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