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Last updated at: (Beijing Time) Saturday, September 07, 2002

Shanghai sets up credit system for CPAs

China's commercial center Shanghai has recently set up special files to track the credit standing of 2,500 certified public accountants (CPA) and all its 84 accounting firms in a bid to improve transparency and creditability in the accounting sector.


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China's commercial center Shanghai has recently set up special files to track the credit standing of 2,500 certified public accountants (CPA) and all its 84 accounting firms in a bid to improve transparency and creditability in the accounting sector.

Initiated by the city's CPA Association and the Shanghai CreditInformation Services, the new credit system was designed to recordthe credit standing of these CPAs and accounting firms and collectrecords of fraudulent practices and penalties. These would be publicised in local newspapers or on websites.

Insiders say the credit system will help regulate accounting practice, promote honesty and good faith and upgrade the overall creditability of the industry.

The system would gradually expand to include other accounting personnel in Shanghai, said a source with the city's CPA Association.

The move came amid a creditability crisis affecting accountantsas a result of recent malpractice in the Chinese and overseas security markets, he said.

The 84 accounting firms in Shanghai employ over 6,700 people, including 2,520 CPAs. Among them, eight large-scale CPA firms are responsible for auditing the financial statements of some 2,000 listed firms.

The sound investment environment in Shanghai has also drawn renowned international accounting firms such as Pricewaterhouse Coopers, Deloitte Touche Tohmatsu and Ernst & Whinney, which have set up their regional headquarters here.


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