The Ministry of Finance (MOF), the China Securities Regulatory Commission (CSRC), the National Audit Office (NAO), the China Banking Regulatory Commission (CBRC), and the China Insurance Regulatory Commission (CIRC) jointly released The Basic Standard for Enterprise Internal Control (The Basic Standard). The Basic Standard requires companies in China to establish, evaluate and assess effectiveness of their internal controls.
All listed companies established in the PRC are statutorily required to comply with The Basic Standard, and non-listed large and medium-sized Chinese enterprises are encouraged to adopt The Basic Standard and other relevant guidelines.
In accordance with the requirements being stipulated in the “Central State-owned Enterprises Comprehensive Risk Management Guidance”, it is the responsibilities of directors, general manager, and senior executives to implement an effective enterprise risk management program with a view to managing risks at a level which is acceptable and consistent with the enterprises’ objectives.
How we can help:
A strategic alliance between Hong Kong office and our PRC network firm, which consists of approximately 30 offices in major cities, has been established in order to provide comprehensive services to our clients which have business operations in the PRC. We can assist the Board of Directors and senior executives to comply with the standards and guidelines. Our experienced professionals can provide relevant and appropriate supports for enterprises to implement their enterprise risk management framework and to strengthen their internal control mechanisms. We have solid experience in serving both state-owned enterprises and listed or non-listed large and medium size enterprises.