audit

China asks Big Four to review work on U.S. listed Chinese companies

--Recent wave of accounting scandals sparks concerns--

Financial regulators in China have called on the globe’s most prominent audit firms to re-examine documentation they have on Chinese Companies listed on U.S. exchanges, and provide details on any information possibly given to overseas regulators, according to Reuters.

Moody's anticipates higher local debt in China

--Total debt burden could be over $500 Billion more than government estimate--

China’s recently released audit statistics on local government debt may have been underestimated by RMB 3,500 billion ($541 billion), Moody’s Investors Service said Tuesday. Moody’s believes that audit statistics released last week could have failed to take into account certain loans that were not property underwritten and therefore could not be considered government obligations.

‘Big Four’ audit dominance could pose dangers

-- UK Employment Minister stresses need for diversity -- 

The market dominance of Big Four audit firms is set to be challenged by a new multi-month enquiry in the UK’s House of Lords, reports Accountancy Age. The enquiry will examine ways to expand choices for companies looking for tax and audit services, and comes amid fears that the Big Four’s overwhelming control of market share could pose a risk to the economy.

Representative Offices: Understanding New Regulations

TAX BRIEF -- JANUARY 2011

IMPORTANT NOTE: New regulations come into force from March 1st that could require you to change your business structure. If you operate a Representative Office, contact S.J. Grand for an obligation free appraisal of your situation.

8 things you need to know about audits

Audits in ChinaThe audit season in China is approaching fast. To make the experience a little less daunting, for some light holiday reading here are eight things that you need to know about Chinese audit requirements.

Counting down from the top ...

1. AUDIT DEADLINES
31 December - Inventory
31 March - Audits and Reporting of Individual Income Tax
30 June - Annual Evaluation

New Regulations for Representative Offices

BEIJING -- China’s State Council has issued new regulations for representative offices of foreign enterprises (ROs), with major implications for existing ROs and for new foreign investors planning their Chinese market entry.

The regulations come into effect on 1 March 2011 and outline:

The Worst Chief Rep Ever

TAX BRIEF -- NOVEMBER 2010

Note: Since this article was published, new regulations have been released for representative offices that will come into force on March 1st 2011. If you operate an RO or are considering opening one, please contact S.J. Grand for an obligation free appraisal of whether this is the right choice for your investment.

A case study in China tax compliance issues for representative offices. 

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