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China Securities Regulatory Commission (CSRC) and the Ministry of Finance promulgated Supervision on temporary licenses for foreign accountant offices in auditing financial listed companies in a bid to make the auditing of the listed companies of banking, securities and insurance industries to be more fair and reliable days ago. Foreign registered accountant offices are supposed to be regulated with the supervision.
Foreign accountant offices should declare their temporary licenses to the CSRC and Ministry of Finance and ask for permission before starting their business.
According to the supervision, the temporary licenses will be valid for one year. CRSC and the Ministry of Finance will spot test the foreign offices in China at any time, and will terminate and abandon those who are not qualified.
(People's Daily 02/14/2001)
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