Ministry of Finance: Implementing the Accounting Law and the Certified Public Accountant Law will focus on three things

China News Service, Beijing, November 11 (Reporter Zhao Jianhua) The Accounting Law and the Certified Public Accountant Law (hereinafter referred to as the two laws) are the basic legal systems in the accounting field in my country. The Accounting Law and the Certified Public Accountant Law have been revised in 2024 and 2026. Lin Qiyun, director of the Accounting Department of the Ministry of Finance, said in Beijing on the 11th that during the "15th Five-Year Plan" period, we will focus on three things and do the "second half" of legislative work:

——"Build up" supporting systems. Accelerate the revision of supporting rules and regulations such as basic accounting work standards, accounting firm practice licenses and supervision and management measures, and CPA registration methods, implement the approval requirements for the establishment of "certification first, license later", study and improve systems such as audit access management for listed companies, promote audit rotation in an orderly manner, and promote the healthy and orderly development of the industry.

——"Crack down" on financial fraud. Further improve the "1+N" work system for combating financial fraud, strengthen the law enforcement force of the financial department, promote the coordination of administrative law enforcement and criminal punishment, civil recovery, disciplinary inspection and supervision, establish and improve various systems that "dare not commit fraud, cannot commit fraud, do not want to commit fraud", and maintain a high-pressure posture to combat financial fraud.

——"Improving" the quality of accounting and auditing. Promote the digital transformation of accounting and auditing work, support the CPA industry in expanding its service network and business scope, guide the industry to expand capacity and improve quality, continuously extend to specialization and the high end of the value chain, and better serve the new economy, new business formats, and new models.

At a press conference held in Beijing that day, Lin Qiyun introduced that the core of the revision of the "two laws" is to insist on equal emphasis on supervision and development. On the one hand, it highlights the "strictness", "accuracy" and "completeness" of supervision. Significantly increase the intensity of penalties, build a scientific and accurate full-chain accountability system, and set up live "high-voltage lines." On the other hand, it emphasizes the "new", "stable" and "excellent" aspects of development. We will vigorously support the expansion of new business areas, strengthen accounting and auditing information security, accelerate digital and intelligent transformation, and promote the industry to become stronger, better, and develop healthily.