Foreign auditing firms will have to appoint a Chinese national as their chief -partner in China as part of a sweeping overhaul of the country’s accounting -industry.
The regulations, unveiled yesterday, aim to localise the mainland operations of foreign auditing firms, but also provide for a lengthy transition period and wiggle room to limit controversy over the changes.
Chinese auditing standards have come under fire over the past year after a number of fraud allegations against Chinese companies listed in overseas markets. The restructuring of the China operations of foreign auditing firms threatened to fuel concerns by forcing them to replace all of their foreign partners with Chinese partners.
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