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  • July 13, 2014
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  1. News - China - EXTRAVAGANCE

    State media under spotlight in widening graft audits

    Posted Jul 03rd 2014, 04:02am by Cary Huang

    ... graft probes A reprimand of two leading state media outfits by the national audit office, and the recent arrests of two executives at the state broadcasters on graft charges, shows ... was pervasive among all state organisations and agencies. In its report, the audit office said the People's Daily and Xinhua were supposed to be leading the high-profile charge to expose graft ...


    Funding issue expected to hinder audit regulator reform in Hong Kong

    Posted Jun 24th 2014, 05:58am by Enoch Yiu

    ... Enoch Yiu enoch.yiu@scmp.com Listed firms, investors and accountants likely to oppose new levies for an expanded watchdog Funding issue expected to hinder audit regulator reform ... of Certified Public Accountants in handling routine inspection and disciplinary action for auditor misconduct. When the council was set up in 2006, it also replaced the institute to investigate audit ...

  3. Business - China Business - REGULATION

    Audit uncovers shortcomings in management of SOEs

    Posted Jun 21st 2014, 12:53am by Eric Ng

    ... Eric Ng eric.mpng@scmp.com Poor oversight on investments on top of improper feasibility studies contributed to billions of yuan in losses among state-owned firms Audit finds shortcomings at 11 SOE s A government audit of the 2012 books of 11 large state-owned firms has found major irregularities and shortcomings in oversight procedures that led to billions of yuan in losses. ...


    China's audit office plays powerful but silent role in anti-corruption crackdown

    Posted Jun 19th 2014, 06:50pm by Keira Lu Huang

    ... Keira Lu Huang keira.huang@scmp.com Heads have rolled largely due to the anomalies discovered by the National Audit Office As Xi Jinping’s anti-graft crackdown enters its second year, media attention has recently turned to one of the campaign’s powerful – but silent – allies: the audit office. While it is common knowledge that audits have given important leads ...

  5. Business - China Business - GOVERNANCE

    Sovereign wealth fund CIC vows to do better after audit shortcomings

    Posted Jun 20th 2014, 12:59am by BLOOM

    ... Bloomberg in Beijing CIC vows to do better after audit shortcomings China Investment Corp, the mainland's US$575 billion sovereign wealth fund, said it is improving how it manages overseas investments after state auditors said mismanagement led to losses. The fund has drafted plans to rectify issues identified by the National Audit Office, and is amending related mechanisms ...

  6. Business - China Business - SOVEREIGN WEALTH FUNDS

    Chinese sovereign wealth fund mismanaged investments, audit finds

    Posted Jun 19th 2014, 12:55am by Reuters

    ... audit The mainland's US$575 billion sovereign wealth fund mismanaged some of its overseas investments between 2008 and last year that led to losses, the National Audit Office said yesterday ... of 4.3 per cent. Its cumulative annualised return since inception is 5 per cent. The audit office also released separate reports about Bank of China, the mainland's fourth-largest bank, ...

  7. Business - China Business

    China Forestry faces bond payment deadline amid audit delays

    Posted Jun 17th 2014, 05:13am by Bloomberg

    ... Bloomberg in Singapore China Forestry faces bond deadline China Forestry, a timber producer backed by private equity firm Carlyle, faced a payment deadline on its US dollar bonds yesterday as it seeks more time to audit its books and complete a debt buyback. The firm had to pay the overdue half-yearly 10.25 per cent coupon on US$180 million of November 2015 securities to avoid ...

  8. Business - Comment - WHITE COLLAR

    Mainland audit rules benefit its accountants, not the country

    Posted May 27th 2014, 12:55am by Enoch Yiu

    ... Enoch Yiu enoch.yiu@scmp.com Unless they know the books are clean, investors will think twice before buying mainland stocks Mainland audit rules benefit its accountants, not the country ... firms and let the mainland partners' staff do all field audits. While Beijing said the reform was aimed at clarifying the roles of international and mainland auditors, the real reasons ...

  9. Business - Money

    Proposed China audit rule may hurt investor confidence

    Posted May 26th 2014, 05:06am by Enoch Yiu

    ... Enoch Yiu enoch.yiu@scmp.com Proposed audit rule may hurt investor confidence Analysts fear Beijing's proposed rules aimed at barring overseas accountants from working on the mainland will dent investor confidence. "International accountants have acted as a gate keeper for investors, who believe in their credibility and auditing standards," said Timothy Lo, managing ...

  10. Business - Banking & Finance - FINANCE

    Hong Kong court orders Ernst & Young to hand over mainland audit papers

    Posted May 23rd 2014, 11:37pm by Enoch Yiu

    ... Enoch Yiu enoch.yiu@scmp.com Ernst &Young's claim that mainland secrecy laws prevented disclosure to city regulator rejected HK court orders audit handover A Hong Kong court ... audits on the mainland alone. They would have to team up with mainland accountants to do so. The rules also say all accountants must strictly follow the state secrets law and should not take ...




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