China Accounting News Weekly[No. 16]2007.7.28-2007.8.3

State Administration of Taxation establish the department of audit
On July 31, approved by the State Commission Office for Public Sector Reform, the State Administration of Taxation established the department of audit which will take in charge of internal audit affairs.

The annual examination of the quality of practice in asset appraisal industry began
The China Appraisal society and local associations began to carry out the examination to special group members and normal ones which were qualified to carry out business in securities. More than 20% of group members will be inspected.

The CSRC punished 52 senior managements
On July 25, the China Securities Regulatory Commission(CSRC) punished 9 listed companies, 2 accounting firms and one securities company. Fifty-two senor managements , 4 CPAs and 10 principals of securities companies were warned and had to pay penalty in different amounts. These 11 companies had to pay ￥5,240,000 yuan totally.

Proofreader : meyoung
August 8, 2007 16：31PM. Released by http://www.esnai.com/

Note:
“China Accounting News Weekly” is established on August 5, 2005. It selects important accounting news weekly to convenient the people can acknowledge the developments quickly. From its launching, thousands of people read it every week.
In order to promote the development of China accounting industry to English readers, we make this English edition on March 23, 2007