All foreign-invested enterprises in China must complete an annual audit which is performed by a licensed China CPA firm. The purpose of the annual statutory audit is to assess whether the company’s financial statements reflect a true and fair view of the financial position, operating results, and cash flow in all material aspects and in accordance with the Chinese Accounting Standards, or PRC GAAP.
Since the Chinese fiscal year ends by December 31st, the annual audit in China is initiated in the next fiscal year and the audit of the Chinese subsidiary must be completed prior to the annual CIT filing.
Together with our licensed CPA partners we ensure that the annual audit is completed timely and in accordance with Chinese compliance requirements. We provide further guidance to foreign-invested firms to ensure a full understanding of the Chinese audit and its requirements, and support as well with the conversion of the Chinese audit in line with group audit and reporting requirements.
Corporate Credit Report
As of 2020, foreign-invested enterprises in China may be required to obtain a Corporate Credit Report from the People’s Bank of China (PBOC) for completion of their annual statutory audit. As a full stop service provider, Moore has acted as entrusted party to obtain this report for many of our clients and thereby ensure full compliance.
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