201208 china c i cpa
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Action Plan Developed byThe Chinese Institute of Certified Public Accountants (CICPA)
Status as of Date of Publication Page 1 of 14
BACKGROUND NOTE ON ACTION PLANS
Action Plans are developed by IFAC members and associates to address policy matters identified through their responses to the IFACCompliance Self-Assessment Questionnaires. They form part of a continuous process within the IFAC Member Body Compliance Program tosupport the ongoing development and improvement of the accountancy profession around the world.
Action Plans are prepared by members and associates for their own use based on the national frameworks, priorities, processes and challengesspecific to each jurisdiction. As such, they will vary in their objectives, content and level of detail, consistent with their differing nationalenvironments and stages of development, and will be subject to periodic review and update.
Refer to responses to the Part 1 Assessment of the Regulatory and Standard-Setting Framework Questionnaire and Part 2 SMO Self-AssessmentQuestionnaire for background information on each member and associate their environment and existing processes. These responses may beviewed at:http://www.ifac.org/ComplianceAssessment/published_surveys.php
Use of InformationPlease refer to the Disclaimer published on the Compliance Program website.
ACTION PLAN
IFAC Member: The Chinese Institute of Certified Public Accountants (CICPA)Original Publish Date: J uly 2008Last Updated: August 2012Next Update: August 2013
http://www.ifac.org/ComplianceAssessment/published_surveys.phphttp://www.ifac.org/ComplianceAssessment/published_surveys.phphttp://www.ifac.org/ComplianceAssessment/published_surveys.phphttp://www.ifac.org/ComplianceAssessment/published_surveys.php -
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Action Plan Developed byThe Chinese Institute of Certified Public Accountants (CICPA)
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GLOSSARY
CASB Chinese Auditing Standards BoardCASC China Accounting Standards Committee
CASs Chinese Accounting StandardsCESC China Ethics Standards BoardCICPA Chinese Institute of Certified Public AccountantsCPA Certified Professional AccountantCPD Continuing Professional DevelopmentCPDD Continuing Professional Development DepartmentED Examination DepartmentIAASB International Auditing and Assurance Standards BoardIAESB International Accounting Education Standards BoardIASB International Accounting Standards BoardIES International Education StandardIESBA International Ethics Standards Board for AccountantsIFAC
International Federation of AccountantsIFRS International Financial Reporting StandardsIPSAS International Public Sector Accounting StandardsIPSASB International Public Sector Accounting Standards BoardISA International Standard on AuditingISQC1 International Standard on Quality Control 1SG Secretary General
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Action Plan Developed byThe Chinese Institute of Certified Public Accountants (CICPA)
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Act ion Plan Sub ject: SMO 1 - Quality AssuranceAct ion Plan Objecti ve: Further develop CICPAs Quality Assurance Review System in line with SMO 1 requirements
# Start Date Actions CompletionDate
Responsibility Resource
Background:
In J anuary 2011, CICPA started to reform the Quality Assurance Review system which had been put in place since Aug 1, 2009, in order toimprove the efficiency and effectiveness of Quality Assurance review. Key activities for the reforms are:
i. Improve quality assurance system; focus on assessing the internal quality control system of the accounting firm.ii. Establish a qualified inspector team.iii. Make full use of experts throughout the inspection.iv. Strengthen IT application on inspection, improve inspection results announcement system.
On J uly 16, 2011, the revised Quality Assurance system began to take effect. The new system still complies with SMO 1 requirements. The CICPA
directly organizes the quality assurance review of the accounting firms that have the qualification to conduct audits of listed companies once everythree years. For those Accounting Firms not conducting audits of listed entities, the local CPA institutes are responsible for the quality assurancereview within their respective jurisdiction the review cycle being every five years.
CICPA developed China Standard on Quality Control for firms No. 5101 in accordance with ISQC 1 and its practice guidelines, and released it inNovember 2010. In November 2010, the CASB Chair signed a joint statement with the IAASB chair, confirming that China Standards on Auditinghave achieved continuing and full convergence with ISAs.
In 2012, CICPA will further enhance implementation of the new QA system, evaluate its effectiveness, and improve it if necessary.
The Change to a 3-Year Quality Assurance Review Cycle
1. J une 2012 Nearly one-third of firms auditing listed companies areplanned to be reviewed by CICPA, about 20 firms andtheir branches. Nearly one-fifth of firms auditing non-listed companies are planned to be reviewed by localinstitutes, over 1400 firms.
Dec 2012 CICPA DeputySecretary General andDirector of QualityAssuranceDepartment
Inspectors and expertsfrom firms, staff in chargeof Quality Assurance inCICPA and local CPAinstitutes
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Action Plan Developed byThe Chinese Institute of Certified Public Accountants (CICPA)
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# Start Date Actions CompletionDate
Responsibility Resource
Maintaining Ongoing Processes
2. Ongoing Carry out the newly-revised Quality Assurance system
(2011 version), evaluate its effectiveness and try toimprove the system.
Ongoing CICPA Deputy
Secretary General andDirector of QualityAssuranceDepartment
Experts of firms, staff in
charge of QA in CICPAand local institutes
3. Ongoing Continue to ensure that CICPAs QA review isoperating effectively and continues to be in line withSMO 1 requirements. This includes periodic review ofthe operation of the QA system and updating theAction Plan for future activities where necessary.
Ongoing CICPA DeputySecretary General andDirector of QualityAssuranceDepartment
Experts of firms, staff incharge of QA in CICPAand local institutes
Review of CICPAs Compliance Information
4. Ongoing Perform periodic review of CICPAs response to theIFAC Compliance Self-Assessment questionnaires andupdate sections relevant to SMO 1 as necessary.Once updated inform IFAC Compliance staff about theupdates in order for the Compliance staff to republishupdated information.
Ongoing CICPA DeputySecretary General andDirector of QualityAssuranceDepartment
Staff in charge of QualityAssurance in CICPA
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Action Plan Developed byThe Chinese Institute of Certified Public Accountants (CICPA)
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Act ion Plan Sub ject: SMO 2 - International Education StandardsAct ion Plan Objecti ve: Continue to use best endeavors to ensure that all IES requirements are incorporated into CICPAs education
requirements
# Start Date Actions Completion
Date
Responsibility Resource
Background:
Persons who have passed the Chinese National Uniform CPA Examination and whose membership application has been approved, or those whohave been qualified through the former evaluation procedures, shall become individual members of CICPA. Individual members are classified intopracticing members and non-practicing members. Practicing members are those who have obtained the CPA practicing certificate in accordancewith the laws.
The Chinese CPAs CPD System (The System) prescribes the rights and obligations of Chinese CPAs in term of CPD, the organizing, form, credithours requirements, confirmation and evaluation of CPD, and other detailed contents. The System was formulated by CICPA, and issued after theapproval of the Executive Committee of CICPA. The System, which is fundamentally consistent with IESs and SMO 2, aims to maintain and
improve the profession quality, the practice ability and the ethics of CPAs, and enhance the competence of the accountancy professionals.
The CPD Department will follow developments of SMO 2 and international education standards, while continuing to update the CPD system of theChinese CPAs and its supplementary provisions as well as the Strategic Plan on Reinforcing Development of Professional Talents. CICPA hasdeveloped Guide to Competence of Chinese CPAs according to the actual condition of Chinese accountancy profession and provisions of IESs.
CICPA has issued the Five-year Plan on Talent Cultivation of the Chinese Accountancy Profession (2011-2015at the end of 2011, which clearly
stated the objective of the talent cultivation of the Chinese accountancy profession till 2015.
Maintaining Ongoing Processes
5. Ongoing CPDD and ED of CICPA maintain an ongoing processto monitor new and revised standards and incorporatethem into education and examination requirements.
Ongoing CICPA SecretaryGeneral, Directorsof CPDD and ED
Staff of CPDD, members ofCICPA Education andTraining Committee
6. Ongoing Continue to use best endeavors to ensure CICPAeducation requirements continue to incorporate all IESrequirements. This includes review of the existingrequirements and preparation of the Action Plan forthe future activities where necessary.
Ongoing CICPA SecretaryGeneral, Directorsof CPDD and ED
Staff of the CPDD, membersof CICPA Education andTraining Committee
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Action Plan Developed byThe Chinese Institute of Certified Public Accountants (CICPA)
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# Start Date Actions CompletionDate
Responsibility Resource
7. 2011 Actively carry out the talent cultivation of the Chineseaccountancy profession in accordance with the Five-year Plan on Talent Cultivation of the Chinese
Accountancy Profession2011-2015.
2015 CICPA SG,Director of CPDD
Staff of the CPDD, membersof CICPA Education andTraining Committee
Review of CICPAs Compliance Information
8. Ongoing Perform periodic review of CICPAs response to theIFAC Compliance Self-Assessment questionnairesand update sections relevant to SMO 2 as necessary.Once updated inform IFAC Compliance staff about theupdates in order for the Compliance staff to republishupdated information.
Ongoing CICPA SecretaryGeneral Directorsof CPDD and ED
Staff of the CPDD, membersof CICPA Education andTraining Committee
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Action Plan Developed byThe Chinese Institute of Certified Public Accountants (CICPA)
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Act ion Plan Sub ject: SMO 3 - International Auditing and Assurance StandardsAct ion Plan Objecti ve: Further improve and maintain processes for ongoing convergence with IAASB Pronouncements
# Start Date Actions CompletionDate
Responsibility Resource
Background:
By law, in China, the auditing standards to be complied with are Chinese Auditing Standards for which the CICPA has the legal mandate fordeveloping. CICPA uses the ISAs as the basis for the Chinese Auditing Standards. At the end of 2005, China signed a joint statement with theIAASB to incorporate ISAs in Chinese Auditing Standards and has an ongoing commitment to convergence with ISAs. At the beginning of 2006,China released a new set of auditing standards which are fully converged with ISAs. After that, China has been paying attention to the progress ofthe revision of IAASB Pronouncements, especially the Clarity Project. At the beginning of 2009, China began to update Chinese AuditingStandards to achieve convergence with the whole set of clarified ISAs and this process was completed in October, 2010. The final new set ofChinese Auditing Standards (incorporating the clarified ISAs) was released on November 1, 2010.
Ongoing Adoption of IAASB Pronouncements
9. 1 J uly 2010 Establish a task force; translate the ChineseAuditing Standards from Chinese into English. Thenreview and revise the draft translation, and publishthe final version.
31 December2011Completed
Deputy SecretaryGeneral of CICPA incharge of standardssetting
Staff of Professional Standardsand Technical GuidanceDepartment under the directionof the Deputy SG of CICPA incharge of standards setting
10. 1 April2011
Update the Guide to Prepare Working Papers forAudits of Financial Statements according to therevised China Standards on Auditing.
31 December2011Completed
Deputy SecretaryGeneral of CICPA incharge of standardssetting
Staff of Professional Standardsand Technical GuidanceDepartment under the directionof the Deputy SG of CICPA incharge of standards setting,
and experts from the leadingaccounting firms in China
11. 1 J anuary2012
Establish a task force; translate the InternationalStandards on Auditing from English into Chinese.Then review and revise the draft translation, andpublish the final version.
31 August2012
Deputy SecretaryGeneral of CICPA incharge of standardssetting
Staff of Professional Standardsand Technical GuidanceDepartment under the directionof the Deputy SG of CICPA incharge of standards setting
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Action Plan Developed byThe Chinese Institute of Certified Public Accountants (CICPA)
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# Start Date Actions CompletionDate
Responsibility Resource
12. 1 March2012
Update the Guide to Prepare Working Papers forSME Audits according to the revised ChinaStandards on Auditing.
31 December2012
Deputy SecretaryGeneral of CICPA incharge of standards
setting
Staff of Professional Standardsand Technical GuidanceDepartment under the direction
of the Deputy SG of CICPA incharge of standards setting,and experts from the leadingaccounting firms in China
13. 1November2012
Conduct a study on the progress of internationalstandards setting, and develop or revise Chinesestandards accordingly.
Ongoing Deputy SecretaryGeneral of CICPA incharge of standardssetting
Staff of Professional Standardsand Technical GuidanceDepartment under the directionof the Deputy SG of CICPA incharge of standards setting
Education and Promotion Activities
14. J anuary2011
To include the new auditing standards (effected inJ anuary 2012) into the curricula of the yearlytraining program, carry out universal training in2011, and continuously conduct training in 2012combining preparation of financial statement auditdocumentation and issues in implementation of thenew auditing standards.
In process CICPA SecretaryGeneral, Director ofCPDD
Staff of the CPDD, members ofCICPA Education and TrainingCommittee, the relevant expertsfrom the Audit Standards Team
15. 1 J anuary2012
ED of CICPA review changes in CASBPronouncements and update the curricula forexamination programs. The date of application for
the CPA exam was later than before, therefore thiswork was postponed.
5 J une 2012Completed
CICPA SecretaryGeneral, Director ofED
5 relevant experts to give acomprehensive amendments toCurricula of Auditing in
accordance with ChinaStandards on Auditing; 10relevant experts to completeexamination contents
16. Early 2012 Updates to the curricula are proposed to CICPAEducation and Training Committee for approval.
30 April 2012Completed
CICPA SecretaryGeneral, Director ofCPDD
Staff of the CPDD, members ofCICPA Education and TrainingCommittee
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Action Plan Developed byThe Chinese Institute of Certified Public Accountants (CICPA)
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# Start Date Actions CompletionDate
Responsibility Resource
17. 1 October2010
Prepare and publish articles and other promotionalmaterials in the CICPA J ournal and on the CICPAwebsite www.CICPA.org.cnin order to enhance the
awareness of the financial auditors, trainees in thefinancial audit and the public in general about thestandards.
31 December2010Completed
Deputy SecretaryGeneral of CICPA incharge of standards
setting, Directors ofProfessionalStandards andTechnical GuidanceDepartment
Staff of Professional Standardsand Technical GuidanceDepartment under the direction
of the Deputy SG of CICPA incharge of standards setting,experts from accounting firmsand academia
Monitoring Activities
18. J une 2012 Carry out the quality assurance review to ensureCompliance with new and revised standards.
Ongoing CICPA DeputySecretary General,Director of QualityAssuranceDepartment
Inspectors and experts fromfirms, staff in charge of qualityassurance in CICPA and localCPA institutes
Maintaining Ongoing Processes
19. Ongoing Continue to support ongoing convergence withIAASB pronouncements. This includes review ofthe implementation of the Action Plan to date andupdating the Action P lan for future activities asnecessary.
Ongoing CICPA SecretaryGeneral,Directors ofDepartmentsconcerned,Chairs of boardsand committeesconcerned
Staff of Professional Standardsand Technical GuidanceDepartment under the directionof the Deputy SG of CICPA incharge of standards setting,experts from accounting firmsand academia
Review of CICPAs Compliance Information
20. Ongoing Perform periodic review of CICPAs response to theIFAC Compliance Self-Assessment questionnairesand update sections relevant to SMO 3 asnecessary. Once updated inform IFAC Compliancestaff about the updates in order for the Compliancestaff to republish updated information.
Ongoing CICPA DeputySecretary General,Director ofProfessionalStandards andTechnical GuidanceDepartment
Staff of Professional Standardsand Technical GuidanceDepartment under the directionof the Deputy SG of CICPA incharge of standards setting,experts from accounting firmsand academia
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Action Plan Developed byThe Chinese Institute of Certified Public Accountants (CICPA)
Status as of Date of Publication Page 10 of 14
Act ion Plan Sub ject: SMO 4 - IESBA Code of EthicsAct ion Plan Objecti ve: Ongoing convergence with the IESBA Code of Ethics
# Start Date Actions CompletionDate
Responsibility Resource
Background:
In September, 2009, the CICPA established the China Ethics Standards Board for CPAs (CESB), which is responsible for the approval of theCICPA Code of Ethics. In October, 2009, the final updated version of CICPA Code of Ethics, which has achieved convergence with the IESBACode of Ethics, was approved by CESB. It was put into practice as of July 1
st, 2010.
To promote the implementation of the revised Code of Ethics, the Professional Standards Department will provide some practicing guidelines andexplanatory materials.
Updating the Code of Ethics
21. 1 March2011
Establish a task force; translate the IESBA Code ofEthics (2010) into Chinese. Then review and revisethe drafted translation, publish the final version. Nowthe translation is in the final review process.
30September,2012
CICPA SecretaryGeneral andDirectors ofProfessionalStandards andTechnical GuidanceDepartment
Professional Standards andTechnical Guidance staffunder direction of DeputySG of CICPA in charge ofstandards setting, expertsfrom accounting firms, andacademics from universitiesand colleges
22. 1 November2009
Establish a task force; translate the CICPA Code ofEthics into English. Then review and revise thedrafted translation, publish the final version.
28 February2011Completed
CICPA DeputySecretary Generaland Directors ofProfessionalStandards andTechnical GuidanceDepartment
Professional Standards andTechnical Guidance staffunder direction of DeputySG of CICPA in charge ofstandards setting, expertsfrom accounting firms, andacademics from universitiesand colleges
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Action Plan Developed byThe Chinese Institute of Certified Public Accountants (CICPA)
Status as of Date of Publication Page 11 of 14
# Start Date Actions CompletionDate
Responsibility Resource
23. 1 March2010
To promote the implementation of the CICPA Code ofEthics, establish a task force, and draft the practicingguidelines. Then discuss and revise the drafted
version of the practicing guidelines, issue the finalversion.
30 April 2011Completed
CICPA DeputySecretary Generaland Directors of
ProfessionalStandards andTechnical GuidanceDepartment
Professional Standards andTechnical Guidance staffunder direction of Deputy
SG of CICPA in charge ofstandards setting, expertsfrom accounting firms, andacademics from universitiesand colleges
Monitoring Activities
24. J une 2011 Carry out quality assurance review to ensurecompliance with new and revised the CICPA Code ofEthics.
Ongoing CICPA SecretaryGeneralDirector of QualityAssuranceDepartment
Inspectors and experts fromfirms, staff in charge ofQuality Assurance inCICPA and local CPAinstitutes
Maintaining Ongoing Processes
25. Ongoing Continue to support ongoing convergence with theIFAC Code of Ethics. This includes review of theimplementation of the Action Plan to date andupdating the Action P lan for future activities.
Ongoing CICPA SecretaryGeneral,Directors ofDepartmentsconcerned,Chairs of boardsand committeesconcerned
Respective boardmembers, technical staffresponsible for respectiveboards
Review of CICPAs Compliance Information
26. Ongoing Perform periodic review of CICPAs response to theIFAC Compliance Self-Assessment questionnairesand update sections relevant to SMO 4 as necessary.Once updated inform IFAC Compliance staff aboutthe updates in order for the Compliance staff torepublish updated information.
Ongoing CICPA SecretaryGeneral andDirectors ofProfessionalStandards andTechnical GuidanceDepartment
CICPA Staff
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Action Plan Developed byThe Chinese Institute of Certified Public Accountants (CICPA)
Status as of Date of Publication Page 12 of 14
Act ion Plan Sub ject: SMO 5 - International Public Sector Accounting StandardsAct ion Plan Objecti ve: Continue to use best endeavors to promote the use of IPSASs in China.
# Start Date Actions CompletionDate
Responsibility Resource
Background:
Adoption of accounting standards for Government is beyond the CICPAs mandate. As such activities revolve around promotion andencouragement for IPSAS adoption. (For further actions, please see below.)
Promote the use of IPSASs
27. Ongoing Continue to support the research on and reference toIPSASs through the Ministry of Finances (MOF)participation in the IPSASB work program.
Ongoing CICPA SecretaryGeneral
CICPA Staff
28. Ongoing Continue to use best endeavors by identifying opportunitiesto further assist in convergence with IPSASs. This includesreview of the existing activities and preparation of the ActionPlan for future activities where necessary.
Ongoing CICPA SecretaryGeneral
CICPA Staff
Review of CICPAs Compliance Information
29. Ongoing Perform periodic review of CICPAs response to the IFACCompliance Self-Assessment questionnaires and updatesections relevant to SMO 5 as necessary. Once updatedinform IFAC Compliance staff about the updates in order forthe Compliance staff to republish updated information.
Ongoing CICPA SecretaryGeneral
CICPA Staff
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Action Plan Developed byThe Chinese Institute of Certified Public Accountants (CICPA)
Status as of Date of Publication Page 13 of 14
Act ion Plan Sub ject: SMO 6 - Investigation and DisciplineAct ion Plan Objecti ve: Continue to use best endeavors to maintain an investigation and disciplinary mechanism that addresses all SMO
6 requirements
# Start Date Actions CompletionDate
Responsibility Resource
Background:
In J anuary 2011, CICPA started to reform the disciplinary mechanism, in order to improve the disciplinary mechanism. The revised DisciplinaryMeasures for Non-Compliant Conduct by CICPA Members formulated by the CICPA became effective as of J uly 16, 2011. Accordingly theDisciplinary Committee of the CICPA is responsible for taking disciplinary action with the further option for appeal to an Appeal Committee. Localinstitutes can either follow the above Disciplinary Measures or formulate detailed implementation measures which are materially consistent.
The provisions of SMO 6 have been incorporated in the design of the Disciplinary Measures and CICPA is committed to ongoing compliance withthe requirements of SMO 6.
Maintaining Ongoing Processes
30. Ongoing Continue to ensure CICPAs investigation anddisciplinary mechanism continues to comply with all SMO6 requirements. This includes review of the existingmechanism and updating the Action P lan for futureactivities where necessary.
Ongoing CICPA DeputySecretary General andDirector of QualityAssurance Department
Experts from firms, staffin charge of QualityAssurance in CICPA andlocal CPA institutes
Review of CICPAs Compliance Information
31. Ongoing Perform periodic review of CICPAs response to the IFACCompliance Self-Assessment questionnaires and update
sections relevant to SMO 6 as necessary. Once updatedinform IFAC Compliance staff about the updates in orderfor the Compliance staff to republish updated information.
Ongoing CICPA DeputySecretary General and
Director of QualityAssurance Department
Staff in charge of QualityAssurance in CICPA
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Action Plan Developed byThe Chinese Institute of Certified Public Accountants (CICPA)
Status as of Date of Publication Page 14 of 14
Act ion Plan Sub ject: SMO 7 - International Financial Reporting StandardsAct ion Plan Objecti ve: Continue to use best endeavors to support the Ministry of Finance ongoing program for adoption and
implementation of IFRS
# Start
Date
Act ion s Complet ion
Date
Responsibility Resource
Background:
Adoption of IFRS is within the legal mandate of the Ministry of Finance. By law, in China the relevant accounting standards to be complied with areChinese Accounting Standards (CAS), which are fully converged with IFRSs. Based on the Roadmap for Continuing Convergence of ChineseAccounting Standards for Business Enterprises with International Financial Reporting Standards issued by the Ministry of Finance in April 2010,the CASs are revised and improved in accordance with the revision and improvement of IFRSs. CICPA supports the implementation andimprovement of CASs.
The Chinese Accounting Standards for Small Enterprises were issued by the Ministry of Finance on October 18, 2011, and will take effect onJ anuary 1, 2013. The issuance of Chinese Accounting Standards for Small Enterprises fully reflects the process of converging with IFRSs for
SMEs. The Ministry of Finance has taken measures to ensure the smooth transition and effective implementation of the Chinese AccountingStandards for Small Enterprises, including organizing education sessions, reinforcing regulation and so on. CICPA will support the implementationof CAS for SEs.
Ongoing program for adoption and implementation of IFRS
32. Ongoing Continue to support the implementation of Chinese Accounting Standards(CASs) that are substantially converged with IFRS in China throughfacilitating the China Accounting Standards Committee (CASC) to maintainan ongoing process to translate IFRS, providing training and education inIFRS, and actively participating in the IASBs work program.
Ongoing CICPASecretaryGeneral
CICPA Staff
33. Ongoing Continue to use best endeavors by identifying opportunities to further assist inimplementation of IFRS. This includes review of the existing activities andupdating the Action P lan for the future activities where necessary.
Ongoing CICPASecretaryGeneral
CICPA Staff
Review of CICPAs Compliance Information
34. Ongoing Perform periodic review of CICPAs response to the IFAC Compliance Self-Assessment questionnaires and update sections relevant to SMO 7 asnecessary. Once updated inform IFAC Compliance staff about the updates inorder for the Compliance staff to republish updated information.
Ongoing CICPASecretaryGeneral
CICPA Staff
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