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Decision of the Standing Committee of the Shenzhen Municipal People's Accounting Firms and Auditing Firms

Decision of the Standing Committee of the Shenzhen Municipal People' s Congress on the Extension of the Time Limit of the Systematic Reorganization of Accounting Firms and Auditing Firms

(Adopted at the Twelfth Meeting of the Standing Committee of the Second Shenzhen Municipal People' s Congress on December 26, 1996)

 

       According to Article 27 of Regulations of the Shenzhen Special Economic Zone on the Administration of Chartered Accountants, the accounting firms, auditing firms which had been established before the regulations took effect shall have systematic reorganization according to the regulations and complete such reorganization by December 31, 1996. Since the reorganization involves wide-ranging issues and brings heavy workload, it is decided that the time limit of the systematic reorganization should be extended to December 31, 1997. The accounting firms, auditing firms which have not completed the systematic reorganization shall have it done according to the regulations and related rules before the newly-prescribed time limit. If any accounting firm or auditing firm fails to complete the systematic reorganization by the time limit, it shall not continue to do business in social auditing, the municipal responsible department for chartered accounts shall temporarily suspend its business license.

       The reorganization of whole-people-owned accounting firms, auditing firms set up by party and government offices, enterprises and institutions, and social organizations into the accounting firms of partnership, individual ownership, and corporation according to law is the requirement of guarantee of independence, objectivity, fairness of chartered accountants in their practice and also the important task of the comprehensive implementation of Regulations. The municipal government should bring forward a plan of the systematic reorganization as soon as possible, speed up the progress of the systematic reorganization, push the systematic reorganization in all respects, and make sure that the systematic reorganization be successfully completed on time.


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