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