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| China Internal Control Regulation - Update Newswire |
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Oct 2008, Issue 1
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简体中文版 |
China became the latest country to issue legislation specifying comprehensive requirements over a company's internal control framework.
The Basic Standard for Enterprise Internal Control was launched on 28 June 2008 jointly by the Chinese Ministry of Finance (MOF), the National Audit Office, and all three major industry regulators: the China Securities Regulatory Commission (CSRC), the China Banking Regulatory Commission (CBRC), and the China Insurance Regulatory Commission (CIRC).
In addition to the Standard, three other guidance documents, which are intended to support the implementation of the Standard, were issued for public consultation.
The Standard, which is effective from 1 July 2009, is to be enforced initially amongst listed companies, while encouraging early adoption by other large and medium size unlisted companies.
The Newswire provides a brief overview of the key requirements specified in the Basic Standard for Enterprise Internal Control, and the accompanying Circular, as well as the three draft supporting guidance documents. The Newswire also discusses our current point of view on the potential impact of these evolving regulations on companies operating in China.
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