Beijing, China: “Establishing Corporate Governance Mechanisms is Essential,” says Russell Brown

On Sunday 11 April 2010, Russell Brown, Managing Partner of LehmanBrown International Accountants and a Fellow of the Chartered Institute of Management Accountants spoke on Corporate Governance in China at a workshop co-hosted by the Chartered Institute of Management Accountants (CIMA) and the Shenzhen Institute of Certified Public Accountants (SZICPA).

Aubrey Joachim, President of the Chartered Institute of Management Accountants (CIMA) was the lead speaker at the workshop, which focused on providing continuing professional development for accounting professionals in China.

Speaking of the event, Mr. Brown said:

“I was delighted to be a part of this expertise-sharing workshop on corporate governance in China. This is a highly important issue, concepts of which must be highlighted and acted upon by China-based companies and their business practices. Business is based on trust and as companies globalise and diversify, it is essential to protect this trust through effective corporate governance and in particular through the establishment of internal controls and mechanisms.”

Internal controls ensure company directors and shareholders have access to accurate and comprehensive information, especially in relation to financial reporting.  This is essential for decision-making and ensuring companies attain their long-term business goals.  Internal controls reduce business and financial risk especially in the appropriation of funds and can safeguard business assets from fraud and theft by providing segregation in decision-making and a structure of authorisation.

“Furthermore, internal controls can help to develop a level of ethical guidance within a company. Controls guide individuals to act in the best interests of the company at all times and particularly in relation to the proper management of conflicts of interest.  Cases of ethical misconduct decrease as guidelines and procedures demand accountability and transparency with each business activity.  Cases of misconduct are flagged quicker when internal controls are in place and controls equally provide guidelines to audit or disciplinary committees,” added Mr. Brown.

For more information on the Chartered Institute of Management Accountants (CIMA) and the Shenzhen Institute of Certified Public Accountants (SZICPA)’s workshop, please go to: www.cncima.com

About LehmanBrown

LehmanBrown is a China-focused accounting, taxation and business advisory firm and a member of MGI.  LehmanBrown combines internationalexpertise with practical China experience and knowledge for both local and international clients.

The company operates through offices in Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin and Hong Kong, which are staffed by a combination of Chinese and expatriate professionals. Staffing is currently around two hundred professionals throughout China, all of whom are English-Mandarin bi-lingual.

LehmanBrown is registered with the PCAOB in the USA. LehmanBrown is also an Accredited Employer and Training Partner of many top global accountancy institutes including the Association of Chartered Certified Accountants (ACCA), the Chartered Institute of Management Accountants (CIMA), the Institute of Chartered Accountants in England and Wales (ICAEW), the Hong Kong Institute of Certified Public Accountants (HKICPA) and CPA Australia. LehmanBrown was the first ACCA China-wide Approved Platinum Employer.

LehmanBrown
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Beijing
China
100600
T:  +86 10 8532 1720
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E:  beijing@lehmanbrown.com
W: www.lehmanbrown.com  

2010-04-13