Interpretation and Practical Guidance for the New Audit Law

Author: Legal Department of the National Audit Office, Financial and Capital Department of the General Office of the State Council / Country: Mainland China
Publisher:
Publish Date: 2006-03-01
Features: Over the more than ten years since the implementation of the Audit Law, China's socio-economic landscape has undergone significant changes, with the socialist market economy gradually improving. The economic environment and the subjects of regulation faced by the Audit Law have also taken on new characteristics. At the same time, there is a need to further strengthen the audit workforce, improve audit methods, and ensure stronger coordination in executing audit tasks, among other things. All these have placed new demands on the Audit Law.
To ensure that the Audit Law meets the practical needs of audit work, strengthens audit supervision, and guarantees the quality of audit work, thereby better utilizing audit tools to maintain the order of national financial and economic affairs, the 20th session of the Standing Committee of the 10th National People's Congress revised the Audit Law.
The revision of the Audit Law primarily focused on several aspects: improving the audit supervision system, further clarifying the scope of audit supervision, strengthening audit supervision tools, and refining the mechanisms of audit supervision. The new Audit Law more profoundly reflects the objective laws of audit work, summarizes new practical experiences from audit practice, and guides some effective current administrative regulations and normative documents to be elevated to the status of law. We believe that the new Audit Law will have a significant impact on audit work and social life.
To reveal the connotations of the provisions of the Audit Law and facilitate a better understanding of the new Audit Law by audit personnel and relevant stakeholders, we have organized the compilation of Interpretation and Practical Guidance for the New Audit Law.