Four accounting firms, including three from Hong Kong and one from Taiwan, have been granted temporary licenses to start auditing businesses in mainland China, the Ministry of Finance (MoF) said in statements on its website Thursday.
The Hong Kong-based L&P CPA Ltd., PricewaterhouseCoopers (PwC) and Clement C.W. Chan & Co. were granted five-year audit licenses ending on Dec. 24, 2018. The Taiwan-based Moores Rowland CPAs was granted a one-year license ending Dec. 24, 2014, the finance ministry said.
The MoF also announced it will further simplify administrative approval for audit services firms in China by granting more administrative power to provincial finance departments, according to a separate statement.
The audit firms will only have to apply at one provincial finance department when seeking to provide services in two or more provinces, autonomous regions and municipalities, the statement said.
The new rules took effect on Wednesday. Provincial finance departments should submit the information about the temporary licenses they granted for the past year every June 30.
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