China moves toward adoption of ISAs

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23 Dec 2005

The Chinese Auditing Standards Board (CASB) and the International Auditing and Assurance Standards Board (IAASB) have released a joint statement in which the CASB states its intention to converge Chinese auditing standards with the IAASB's International Standards on Auditing (ISAs).

To date the CASB has adopted 26 Chinese auditing standards. Seventeen exposure drafts are currently outstanding, and five more will be issued soon. The CASB has made amendments to some of the ISAs and also has issued Chinese standards to deal with matters not covered in the ISAs. In the joint statement, the Ministry of Finance states its intention to "eliminate, over time, as the environment in China changes, those differences between Chinese auditing standards and the ISAs that still exist". Click to (PDF 987k).

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