CPA Policies and Regulations: China Association for the Commentary Openly Solicits Opinions on the Revised Code of Professional Ethics
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[Abstract] The editors of the Global Online School published the "CPA Policies and Regulations: China Association for the Commentary on the Revised Draft Code of Professional Ethics" issued by the Chinese Institute of Certified Public Accountants. The main contents of this revision include the following eight points:
China Association for Commentary Public Comment on Revised Code of Professional Ethics
On January 8, 2020, the Chinese Institute of Certified Public Accountants issued a consultation draft of the revised version of the Code of Professional Ethics for Chinese Certified Public Accountants and the Code of Professional Ethics for Non-Practising Members of the Chinese Institute of Certified Public Accountants, which was open for comments. The deadline for comments is April 8, 2020.
In order to comply with the higher requirements on the integrity and professional ethics of certified public accountants in economic and social development, absorb the latest achievements of the international professional ethics code, and maintain a continuous and dynamic convergence with the international professional ethics code, CICPA's code of professional ethics for Chinese certified public accountants A comprehensive revision was made to form this draft of comments. The main contents of this revision are as follows:
1. Strengthening the conceptual framework of professional ethics. Clarified the corresponding relationship between the adverse effects identified by the CPA and the preventive measures that can be taken, so that the preventive measures can be better matched with the adverse effects; emphasized that if the CPA cannot eliminate the adverse effects, he must refuse to accept the business or terminate the specific Business; requires certified public accountants to reach overall conclusions on whether to eliminate or reduce adverse effects, and when forming overall conclusions, they should calmly weigh the major judgments or conclusions made.
Second, the provisions of the present code related to "gifts and entertainment" have been extended. The "gift and hospitality" part of the current code was changed to the "interest temptation" part, and the scope of application of this part of the code was extended to a variety of interest temptations; the basic idea of responding to the temptation of interest was clarified, and it was accepted based on whether the temptation had an inappropriate influence The intention of the party or other person to act provides guidance on how to respond.
3. Added relevant provisions on accountants' response to violations of laws and regulations. Clarifies the scope of laws and regulations covered in this section and provides basic ideas on how CPAs respond to violations of laws and regulations related to the audit of financial statements: First, certain laws and regulations provide for reporting violations or suspected violations of laws and regulations to appropriate institutions Violating the requirements of laws and regulations, CPAs should understand these laws and regulations and abide by these requirements. Secondly, if the certified public accountant recognizes or suspects that the audited unit has or may have violated laws and regulations, it should discuss with the appropriate level of management and governance, and evaluate the appropriateness of the management and governance response; third, registration Accountants should, based on the response of management and governance, determine whether further action is needed for the purpose of protecting the public interest, such as reporting to or rescinding the business agreement; fourth, the CPA is determining whether to report to the appropriate organization When considering this, a number of factors should be considered, such as the harm that related matters may cause to stakeholders, certified public accountants or other personnel, whether there is an appropriate institution, and whether legal protection can be obtained.
4. Provisions related to long-term auditing of a client by an accounting firm have been added. Require accounting firms to formulate policies and procedures to monitor the firm's long-term commitment to audit clients of a public interest entity; for audit clients that have continuously provided audit services for ten years or more, they are required to adopt Corresponding preventive measures; in order to ensure that the relevant measures can be implemented, the principals of the accounting firm are required to establish a sound internal quality management system and benefit distribution mechanism, ensure that the firm's human resources and client resources achieve integrated and integrated management, and regularly evaluate The design and implementation of the firm's internal quality management system and benefit distribution mechanism.
V. Amended the rules related to the rotation of key audit partners and the "cooling-off period". The key audit partners are divided into three categories, which respectively stipulate the "cooling period", and stipulate that the "cooling period" of the second signing certified public accountant of China's audit report refers to the provisions of the project partners; more strictly restrict the key audit partners during the cooling period Relevant behaviors are performed within the company; in response to the problem of “passing the form” of the rotation of key audit partners, special positions or personnel are required to monitor the rotation of key audit partners in real time, and review the rotation every year. Rotation is carried out uniformly as part of the implementation of the internal quality management system.
6. Refined the regulations related to the provision of non-authentication services for audit clients. Further clarified the scope of management responsibilities involved in non-authentication services, and provided more detailed guidance on how certified accountants can avoid taking on management responsibilities; added regulations related to the provision of administrative affairs services and independence by certified public accountants; and for certified public accountants When providing accounting and bookkeeping services, internal audit services, and information technology system services for audit clients, some detailed regulations have been added to help CPAs understand and practice.
7. Detailed rules for non-practicing members in compiling and presenting information
More comprehensively stipulates the requirements that non-practising members should abide by in compiling and presenting information; stipulates that non-practising members may need to exercise discretion when using professional judgment to compile or present information, but the use of discretion may not Intentionally misleading others or improperly affecting contract or regulatory results.
8. Provisions related to non-practising members facing pressures that violate basic principles of professional ethics. It is clear that non-practicing members shall not violate the basic principles of professional ethics due to the pressure exerted by other personnel, and shall not apply pressure to other personnel to cause the personnel to violate the basic professional ethics principles.
The China Association for the Commentary will further revise and improve the text based on the feedback from all parties in the public consultation, and officially release it after performing the relevant demonstration, review and approval procedures.
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