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