Internal accounting control specification

Author: Accounting Department of the Ministry of Finance
Publisher:
Publish Date: 2001-08-01
Features: This publication consists of four parts: "Notice of the Ministry of Finance on Issuing the 'Internal Accounting Control Specification - Basic Specification (Trial)' and the 'Internal Accounting Control Specification - Monetary Funds (Trial)'"、"The Accounting Law of the People's Republic of China"、"Accelerating the Construction of Internal Control System in China to Meet Economic Development Requirements - Speech by Feng Shuping, Director of the Accounting Department of the Ministry of Finance at the Internal Control System Symposium", and "Liu Yuting, Deputy Director of the Accounting Department of the Ministry of Finance wrote: 'The Internal Accounting Control Specification' is a milestone for strengthening internal accounting supervision of units in the new situation". It has strong knowledge and practicality and serves as a valuable reference for relevant personnel.
Appendix 1: Internal Accounting Control Specification - Basic Specification (Trial)
Chapter I General Provisions
Article 1 To promote the construction of internal accounting control in units, strengthen internal accounting supervision, and maintain the order of the socialist market economy, this specification is formulated in accordance with the "Accounting Law of the People's Republic of China" (hereinafter referred to as "the Accounting Law") and other relevant laws and regulations.
Article 2 The internal accounting control referred to in this specification refers to a series of control methods, measures, and procedures formulated and implemented by units to improve the quality of accounting information, protect the safety and integrity of assets, and ensure the implementation of relevant laws, regulations, and rules.
Article 3 This specification applies to government agencies, social organizations, companies, enterprises, institutions, and other economic organizations (hereinafter collectively referred to as "units").
Article 4 Relevant departments of the State Council may formulate internal accounting control regulations for their departments or systems according to relevant state laws, regulations, and this specification. Units shall establish internal accounting control systems suitable for their business characteristics and management requirements according to relevant state laws, regulations, and this specification, combined with the internal accounting control regulations of their departments or systems, and implement them.
Article 5 The person in charge of the unit is responsible for the establishment and effective implementation of the internal accounting control of the unit.
Chapter II Objectives and Principles of Internal Accounting Control
Article 6 Internal accounting control shall achieve the following basic objectives:
(1) Standardize the accounting behavior of units and ensure the authenticity and completeness of accounting data.
(2) Plug loopholes, eliminate hidden dangers, prevent, and promptly discover and correct errors and fraudulent acts to protect the safety and integrity of unit assets.
(3) Ensure the implementation of relevant state laws, regulations, and internal rules and regulations of the unit.
Article 7 Internal accounting control shall adhere to the following basic principles:
(1) Internal accounting control shall comply with relevant state laws, regulations, this specification, and the actual situation of the unit.
(2) Internal accounting control shall bind all personnel involved in accounting work within the unit, and no individual shall have the power to exceed internal accounting control.
(3) Internal accounting control shall cover all economic business activities and related positions involving accounting within the unit, and should be implemented to decision-making, execution, supervision, feedback, and other links in the process of business processing.