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Article: Auditing of state-owned enterprises in China: Historic development, current practice and emerging issues

TitleAuditing of state-owned enterprises in China: Historic development, current practice and emerging issues
Authors
KeywordsAuditing
China
Reform
State-Owned Enterprises
Issue Date1999
PublisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/intacc
Citation
International Journal Of Accounting, 1999, v. 34 n. 2, p. 173-187 How to Cite?
AbstractState-owned enterprises (SOEs) play a pivotal role in the Chinese economy. Together, they manage over 50% of China's national capital. With China steadily moving towards a market economy, SOEs increasingly are given the latitude to seek external funding, develop joint ventures and more generally, to operate without direct government involvement. This separation of ownership and management, in turn, has increased the need to monitor and control China's SOEs, and audits can play a key role in this oversight function. Despite the potentially important role that SOE audits can play in safeguarding the interests of the state and external investors, there is a relative dearth of research on the current state of, and challenges facing such audits. This paper provides an overview of the historical development of the SOE audit by the Ministry/Department of Finance, and current SOE audit practices performed by the State Audit Administration/Office. The main conclusion of the study is that, with ownership of the SOE being further diversified and the operation of the SOE being completely commercialized (i.e., without any political consideration), the nature of the state audit office as a government agent is incompatible with the role of independent auditor for SOEs. SOEs need a non-government third party to verify its financial statements and audit its business activities to meet the information needs of diversified interest groups in the SOE including the state, individual or institutional investors, creditors and employees etc. Copyright ©1999 University of Illinois.
Persistent Identifierhttp://hdl.handle.net/10722/177828
ISSN
2015 SCImago Journal Rankings: 0.611
References

 

DC FieldValueLanguage
dc.contributor.authorTang, Qen_US
dc.contributor.authorChow, CWen_US
dc.contributor.authorLau, Aen_US
dc.date.accessioned2012-12-19T09:40:29Z-
dc.date.available2012-12-19T09:40:29Z-
dc.date.issued1999en_US
dc.identifier.citationInternational Journal Of Accounting, 1999, v. 34 n. 2, p. 173-187en_US
dc.identifier.issn1094-4060en_US
dc.identifier.urihttp://hdl.handle.net/10722/177828-
dc.description.abstractState-owned enterprises (SOEs) play a pivotal role in the Chinese economy. Together, they manage over 50% of China's national capital. With China steadily moving towards a market economy, SOEs increasingly are given the latitude to seek external funding, develop joint ventures and more generally, to operate without direct government involvement. This separation of ownership and management, in turn, has increased the need to monitor and control China's SOEs, and audits can play a key role in this oversight function. Despite the potentially important role that SOE audits can play in safeguarding the interests of the state and external investors, there is a relative dearth of research on the current state of, and challenges facing such audits. This paper provides an overview of the historical development of the SOE audit by the Ministry/Department of Finance, and current SOE audit practices performed by the State Audit Administration/Office. The main conclusion of the study is that, with ownership of the SOE being further diversified and the operation of the SOE being completely commercialized (i.e., without any political consideration), the nature of the state audit office as a government agent is incompatible with the role of independent auditor for SOEs. SOEs need a non-government third party to verify its financial statements and audit its business activities to meet the information needs of diversified interest groups in the SOE including the state, individual or institutional investors, creditors and employees etc. Copyright ©1999 University of Illinois.en_US
dc.languageengen_US
dc.publisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/intaccen_US
dc.relation.ispartofInternational Journal of Accountingen_US
dc.subjectAuditingen_US
dc.subjectChinaen_US
dc.subjectReformen_US
dc.subjectState-Owned Enterprisesen_US
dc.titleAuditing of state-owned enterprises in China: Historic development, current practice and emerging issuesen_US
dc.typeArticleen_US
dc.identifier.emailLau, A: ahlau@business.hku.hken_US
dc.identifier.authorityLau, A=rp01072en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1016/S0020-7063(99)00008-4-
dc.identifier.scopuseid_2-s2.0-0012235189en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0012235189&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume34en_US
dc.identifier.issue2en_US
dc.identifier.spage173en_US
dc.identifier.epage187en_US
dc.publisher.placeUnited Kingdomen_US
dc.identifier.scopusauthoridTang, Q=7201632097en_US
dc.identifier.scopusauthoridChow, CW=35434559700en_US
dc.identifier.scopusauthoridLau, A=7202626080en_US

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