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The start of a new year is a hectic time for foreign companies in China. To meet the various compliance deadlines scattered throughout the year, they need to begin the long and complicated process of financial reporting, months in advance. Failure to comply will risk them being hit with deteriorating credit, additional fines and penalties, and such companies might not be able to remit their profits overseas.

With businesses continuously affected by the COVID-19 pandemic and other economic headwinds that have slowed China’s economy in 2022, financial health and compliance has become more important than ever. More attention should thus be given to the audit and compliance procedures to reveal unexpected irregularities or suboptimal business practices, discover eligibility for tax incentives that had not previously been captured, as well as maximize efficiency within the organization.

China Briefing’s A Quick Guide to Accounting and Audit in China 2023 (1^st Edition), produced in collaboration with the audit experts at Dezan Shira & Associates, aims to walk foreign businesses through the annual audit and compliance process from start to finish. The guide covers the following:

• Chinese accounting standards
• Annual audit in China
• Annual compliance requirements in China

This practical and easy-to-understand guidebook will be of invaluable use to all executives involved in handling company finances concerning China, including:

• Chief Executive Officers;
• Chief Financial Officers; and
• Accounting Managers.

We hope this guide helps your business add value to its annual statutory audit and compliance reporting in China.