CHINA has released a circular approving moves by mainland certified public accountants (CPAs) to become member firms of international counterparts.
Zhang Haixian, head of the international department at the Chinese Institute of Certified Public Accountants, said China had earlier this month approved Shenyang Certified Public Accountants' move to become a member of international firm Moores Rowland, the second such set-up in China.
The first was Zhonghua Shenzhen, which became a member of Horwath International in late 1994.
Mr Zhang said the circular - allowing international accountancy firms to have multi-member firms in China - which was published last month by the Ministry of Finance as a sort of legal backing, welcomed international firms to pick up more than one member firm on the mainland.
'There is nothing black and white saying that China will approve no more international accountancy joint ventures.
'But I will assume it will be difficult to get such approval in the future,' Mr Zhang said.
A member firm would remain a distinct legal entity, with the foreign partner holding no share stake. In a joint venture, the partners establish a separate company with shared ownership.
