Date
24 October 2017

Ministry audits expose accounting cheats, paper says

A Ministry of Finance uncovered 81.76 billion yuan (US$13.49 billion) in accounting irregularities in an audit last year of 14,000 businesses and 1,618 accounting firms, Beijing News reported Sunday. The investigations exposed problems with salary payments, accounting standards, inaccurate reporting on revenue and cost, and manipulation of profit. Some businesses came up short in profit tax and business tax payments. For example, a subsidiary of China Shenhua Coal to Liquid and Chemical Co. Ltd. included 7.32 million yuan in staff bonuses in its safety budget, the report said.

– Contact HKEJ at [email protected]

EL/MY/SK

 

EJI Weekly Newsletter

Please click here to unsubscribe