A large number of foreign companies operating in China have reviews done by professional and licensed tax advisors. These reviews are generally done on a recurring basis, monthly, quarterly, bi-annually, or annually. The aim of this support is to have a team of professionals involved in the local accountants’ work, act as a support function for questions and help the management controllers of the headquarter in clarifying sensitive and complex issues and create transparency. The added value here is to have ongoing compliance and clarity in local finances and taxation rather than only relying on the annual statutory audit at the end of the fiscal year which oftentimes is executed by local audit firms with little understanding of international reporting- and compliance requirements.
Focus areas for review services are industry-specific, depend on the requirements of the headquarter abroad and can be jointly defined and specified. In our review function, Moore – MS Advisory supports in reviewing the subsidiaries´ recurring accounting, tax declarations and tax issues, payroll, Import- and Export procedures, Intercompany transactions, outgoing bank transactions etc. The main goal is to strengthen compliance and increase transparency and efficiency.
The main areas and topics for review covered include:
- General Ledger accounting
- Tax declarations and support in taxation issues/questions
- Support in group consolidation
- Coherence of the figures and provide comments if any abnormal accounting practice is found
- Review local financial report in material aspects, in accordance with the applicable financial reporting framework
- Selection of routine sample transactions (such as revenue, costs, expenses, inventory, fixed assets, and AR/AP) and check booking process; as well as verifying the validity of selected Fapiao’s (Chinese invoices)
- Review whether special transactions (such as provision of rebate to a related party or overseas payments)
- Review VAT and CIT declaration, surtax- and other tax reports
- Review salary calculation, IIT, and social security and housing fund calculation for completeness and accuracy
- Review samples of account classifications for accuracy and completeness
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