APEC Economy: People’s Republic of China

Accountancy Services – General background

In China, provision of accountancy services – accounting, auditing and bookkeeping requires a license from the State.

Public accountants are persons approved by the State to practice certified accounting, auditing and consultancy.

Certified public accountants shall conduct their practices independently according to the law, and shall be protected by the law of the State.

The working unit of certified public accountants is the accounting firm. A certified public accountant must be with an accounting firm before accepting an engagement to render services as prescribed by the law and regulations for certified public accountants.

Licensing Requirements

The contact details of the organisation(s) that control the licensing of accountants and the applicable regulations to licensing in this economy are as follows:

Organisation:

Ministry of Finance

Address:

No.3 Nansan Street, San Lihe,

City/Town:

Xicheng District

State:

Beijing

ZIP/ Postcode:

100820

Economy:

China

Phone number:

(86-10) 6855-1114
(86-10) 6855-1125

Website:

 http://www.mof.gov.cn/

Legislation: Law of the People’s Republic of China on Certified Public Accountants, the Charter of the Chinese Institute of Certified Public Accountants and the relevant laws and regulations, including Certified Public Accounting Law and the Accounting Law.

Licensing of Foreign Nationals

Foreign accountant can obtain a license to provide limited accountancy services in this economy. Those who want to engage in accounting work shall pass the profession qualification examination organized by the MOF to acquire an accountant’s practice qualification certificate.

Those who want to provide auditing services shall pass the unified national examination for certified public accountants and engage in auditing business for more than two years. A certified public accountant shall join an institute of certified public accountants supervised and guided by the MOF.

Applicants must be a Chinese citizen. The candidate must be a college graduate or a person with an equivalent academic education, and has working experience in the accounting or auditing field for more than 3 years.

The following applicants applying for registration as a certified public accountant, if they are satisfied with the qualification evaluation, may be waived from examination: (1) senior accountants; (2) accounting professors, associate professors, research fellows, or associate research fellows who have practical accounting experience; and (3) those with a college or equivalent education who have worked in the financial or accounting field for more than 20 years and possess professional accounting expertise.

As for foreign citizens or residences who apply to take unified national examination for Chinese Certified Public Accountant and to register as a certified public accountant, such matter shall be dealt with on a reciprocal basis.

The relevant legislation are as follows: http://www.asianlii.org/cn/legis/cen/laws/rfcpa413/#0

Limited Licence

A foreign accountant cannot obtain a limited licence to provide accountancy services in this economy.

Professional Accounting Bodies

A certified public accountant who provides services in this economy is required to be a member of the Institute of Certified Public Accountants.

There is one recognised professional accounting body in this economy:

Organisation 1:

The Chinese Institute of Certified Public Accountants

Address:

Building B, No. 16

Address 2:

Xisihuanzhonglu,

City/Town:

Haidian District

State:

Beijing

ZIP/ Postcode:

100039

Economy:

China

Email address:

liangling@cicpa.org.cn

Phone number:
& Fax number:

+86 10 882 50000
+86 10 882 50099

Website:

http://www.cicpa.org.cn

Levels of membership

Practising member
Non-practising member

Any prospective CPA who has both passed the unified national examination for certified public accountants and engaged in audit service for more than two years may apply to the Institute of Certified Public Accountants for registrations.

Practising members have to join an accounting firm and engage in auditing or relevant practice, while Non-practising members don't have to.

Eligibility to other bodies in the APEC economies

Hong Kong Institute of Certified Public Accountants

Alliance & MOUs

 Not specified

Temporary practice arrangements

If a foreign accountant wishes to practice within the territory of China on a temporary basis, the foreign public accounting firm which he/she works for must apply to the financial department of the local government of each province for approval.
The services provided by a foreign accountant should be commissioned by foreign clients, and the final products have no legal validity in China.

Rules on firms and commercial association

In this economy:

Other regulatory issues

In this economy there are:

Additional information relevant to the Accounting profession

None.

Contact Details

Organisation:

Ministry of Finance,
Accounting Regulatory Department

Contact Name:

Wang Jing

Address:

No.3 Nansan Street, San Lihe,

City/Town:

Xicheng District

State:

Beijing

ZIP/ Postcode:

100820

Economy:

China

Email address:

wangjing1123@mof.gov.cn

Phone number:

86-10-68552536

Website:

 http://www.mof.gov.cn/