What are the main changes to the revised Audit Law of the Peoples Republic of China?
While retaining the main structure and content of the original Audit Law, revisions primarily focus on four aspects: a) Improvement of the auditing supervision system; b) Clarification of auditing supervision duties; c) Enhancement of auditing supervision measures; and d) Standardization of auditing supervision activities. The revised Audit Law gives auditing organizations more rights and allows auditing organizations to seek assistance under special circumstances from public security, supervision, financial, taxation, customs, pricing, industry and commerce administration authorities. It also enhances protection of auditing staff by stipulating that any retaliation against them due to negative auditing results shall be subject to criminal charges.
