With the implementation of the new Accounting System for Business Enterprise ("ASBE") on 15 February 2006, the accounting standards in China began to converge with IFRS with no material differences. The new ASBE lubricates the rapid developing economy in China by an effective reduction of accounts preparation costs and an improvement in comparability of financial information.
However, the new ASBE has never reduced the anxiety of investors and other interested parties. In addition to improving transparency and reliability of financial information, they demand enterprises to build up systems of internal controls for financial reporting. Nowadays, independent auditors need to work at a higher diligent level so as to satisfy the requirements of investors in respect of completeness and accuracy of financial information. This improves the confidence of investors on financial statements.
With reference to the Auditing Standards and relevant Guidelines issued by The Chinese Institute of Certified Public Accountants and the International Standards on Auditing ("ISA") issued by the International Auditing and Assurance Standards Board ("IAASB"), RISMO constructed a risk-based audit approach and a professional ethics guideline. This approach and guideline require our audit team members to maintain independence, to deliver excellent services and to safeguard professional ethics. Our internal quality control system and self-developed audit software guarantee the achievement of the aforementioned professional ethics and excellent services.
Members of the audit team of RISMO are well-experienced CPAs. Besides having a thorough understanding of ASBE, they have accumulated sufficient relevant experience to conduct high quality annual audits and other assurances on financial information prepared in accordance with ASBE at low costs. Our services includes:
Audit and review
Examination of the annual foreign exchange cash flow
Liquidation audit
Forecasting review
Internal control system review
Certification of the application of accounting treatment
Agree-upon procedures regarding financial information
