The central business district in Beijing. Foreign governments have also urged China to bring its accounting standards closer to global convention. Photo: AP

US$369.6 million in defaults at apparently cash-rich firms expose flaws in mainland Chinese auditing practices

  • Auditors are held accountable only in rare conditions, which makes the cost for committing a crime ‘small’, says analyst
  • Accounting firms colluding with clients to fake financial data is not a new problem
Topic |   Accounting and Auditing

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The central business district in Beijing. Foreign governments have also urged China to bring its accounting standards closer to global convention. Photo: AP
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