Circular of the Ministry of Finance and the State Administration for Market Regulation on Issuing the Interim Provisions on Promoting Reforming the System of Limited Liability Accounting Firms into Partnership Accounting Firms
Circular of the Ministry of Finance and the State Administration for Market Regulation on Issuing the Interim Provisions on Promoting Reforming the System of Limited Liability Accounting Firms into Partnership Accounting Firms
Circular of the Ministry of Finance and the State Administration for Market Regulation on Issuing the Interim Provisions on Promoting Reforming the System of Limited Liability Accounting Firms into Partnership Accounting Firms
Cai Kuai [2018] No.5
April 3, 2018
Departments (bureaus) of finance and bureaus for industry and commerce (market and quality supervision commissions) of all provinces, autonomous regions and municipalities directly under the Central Government, and the Finance Commission of Shenzhen Municipality and the Market and Quality Supervision Commission of Shenzhen Municipality,
To effectively implement the Administrative Measures for the Practice Licensing and the Supervision of Accounting Firms (Order of the Ministry of Finance No.89), encourage accounting firms to adopt the form of partnership, further optimize internal governance, and enhance the quality of practice, the Ministry of Finance and the State Administration for Market Regulation have formulated the Interim Provisions on Promoting Reforming the System of Limited Liability Accounting Firms into Partnership Accounting Firms, which are hereby promulgated and shall come into force immediately from the issue date. The Interim Provisions of the Ministry of Finance and the State Administration for Industry and Commerce on Promoting Large and Medium-sized Accounting Firms to Adopt the Form of Special General Partnership (Cai Kuai [2010] No.12) shall be repealed simultaneously.
All provincial departments of finance and departments for industry and commerce (market and quality supervision commissions) shall take concerted actions and fully cooperate, improve service awareness, and work carefully on matters concerning the transformation of limited liability accounting firms into the form of partnerships, such as administrative licensing, industrial and commercial registration and record-filing, keep making improvements to the work mechanism, and boost the level of administrative management.
Accounting firms shall take the opportunity of the system reform to further optimize their internal governance, improve the management system and achieve transformation, upgrading and striding development.
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