Law boosts anti-graft audit powers

PUBLISHED : Wednesday, 01 March, 2006, 12:00am
UPDATED : Wednesday, 01 March, 2006, 12:00am

The National People's Congress Standing Committee passed revised legislation yesterday in an attempt to strengthen auditors' powers and rein in corruption.


It also ratified a United Nations treaty aimed at restricting terrorist funding as it concluded its 20th session.


The International Convention for the Suppression of the Financing of Terrorism, effective since 2002 and signed by 138 countries, would help halt the financing of domestic terrorist activities by overseas 'anti-Chinese forces', Xinhua said earlier.


NPC chairman Wu Bangguo was quoted by China News Service as saying that the revised Audit Law would improve the auditing system, raise the cost-effectiveness of public spending and help weed out corruption.


Under the amended law, government and state-owned-enterprise officials would be audited for economic activities during their tenure, the service said.


'The officials' performance would be reviewed to see whether they've breached any laws when conducting economic activities. There were relevant regulations before and now the government has inserted this provision in the legislation,' said Zhu Shaoping, director of the NPC's financial and economic committee.


The law also requires governments to present annual audit reports to the NPC.


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