China completes convergence with International Standards on Auditing

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11 Nov 2010

The Chinese Auditing Standards Board (CASB) and the International Auditing and Assurance Standards Board (IAASB) met on 10 November to discuss convergence of international standards.

A press release issued after the meeting confirmed the CASB has completed the revision of Chinese Standards of Audit (CSAs), and achieved full convergence with the clarified International Standards on Auditing (ISAs).

During the process of international convergence, the CASB made limited additions it considered necessary and maintained some standards dealing with matters that are not specially covered in ISAs to reflect China's unique circumstances and business requirements. The revised CSAs were officially released in early November 2010, and are effective for audits of financial statements for periods beginning on or after 1 January 2011.

Previously, the parties had signed a milestone joint statement in December 2005, which pointed out that establishing and improving a single set of high-quality global auditing standards is a logical response to the trend of economic globalisation.

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