China CPA Independent Audit Standards. 2003

Author: Chinese Institute of Certified Public Accountants
Publisher:
Publish Date: 2003-06-01
Features: The Chinese independent audit standards system consists of three levels: (1) Basic Standards of Independent Audit; (2) Specific Standards of Independent Audit and Practice Bulletins on Independent Audit; (3) Guidelines for Professional Practice. The Basic Standards of Independent Audit, Specific Standards, and Practice Bulletins are the legal requirements for certified public accountants to perform independent audit services and issue audit reports. Certified public accountants performing audit services as stipulated in Article 14 of the Law of the People's Republic of China on Certified Public Accountants shall comply with these standards. The Guidelines for Professional Practice provide specific guidance for certified public accountants to perform independent audit services and issue audit reports, and should be referred to and followed. Since 1995, the Chinese Institute of Certified Public Accountants has successively issued six batches of independent audit standards projects, including one Preface to Independent Audit Standards, one Basic Standard of Independent Audit and three related Basic Standards, 28 Specific Standards, 10 Practice Bulletins, and five Guidelines for Professional Practice, totaling 48 projects. In addition, three guidelines, two audit technical tips, and eight regulatory documents have been issued for different types of services. To facilitate the practice of certified public accountants, the CICPA, in addition to publishing individual standards and guidelines, also compiles and publishes an annual standards compilation and a bilingual Chinese-English edition of the standards. Independent Audit Standards of Chinese Certified Public Accountants 2003 is the compilation for 2003, which includes all standards and related documents issued by May 2003.