close

Newsroom

MGI Member firm LehmanBrown produces paper on Audit of Foreign Invested Enterprises in China

19th July 2017

MGI World MGI worldwide network member Lehman Brown paper China Insights: Audit of Foreign Invested Enterprises 290x203

A Foreign Invested Enterprise (FIE) is an enterprise founded in China by foreign, economic organisations or individuals, the registered capital of which is subscribed and contributed by a foreign investor(s).

According to the People’s Republic of China (“PRC”) Company law and relevant legislations, all Foreign Invested Enterprises (“FIEs”) such as Wholly Foreign Owned Enterprises (“WFOEs”) and Joint Ventures (“JVs”) are required to prepare their annual financial statements, including balance sheets, income statements and cash flow statements for their annual PRC statutory audit to the Administration of Industry and Commerce (“AIC”). 

China Insights: Audit of Foreign Invested Enterprises cover image

In this paper, Dickson Leung, explains the audit process, examining its value and benefits, including the ways in which it can enhance the value of a firm’s financial statements. He points out that an experienced auditor can always identify problems in time and provide practical recommendations to the company in order to avoid risks. Consequently, auditing serves a valuable function other than helping the company in fulfilling a statutory requirement in China.

LehmanBrown International Accountants is a member of MGI Asia with office locations in Beijing, Guangzhou, Hong Kong, Macau, Shanghai, Shenzhen and Tianjin, China. Dickson is a Senior Partner at the firm and also North Asia Circle Leader for MGI in Asia. Dickson has over 24 years China accounting and financial experience and the firm has been a member of MGI Worldwide for 10 years.

For more information contact Dickson at dleung@lehmanbrown.com or visit LehmanBrown's MGI Worldwide member profile page HERE.

DOWNLOAD FULL PAPER (PDF) HERE

MGI Worldwide is a Top 20 ranked international accounting network with some 5,000 independent auditors, accountants and tax experts in over 250 locations worldwide. 

Read more on Member white papers and Asia

MGI World Wooden cubes Global IFRS image 518x362

Overview of IFRIC23: Uncertainty over Income Tax Treatments and what this means

1st February 2018

MGI Worldwide’s Global IFRS Group has prepared a short paper that provides an overview of IFRIC 23...

MGI World MGI Worldwide tax association member ISCA logo 581x362

New Afghanistan-based member joins Asia region

9th November 2017

Long-standing member of MGI Worldwide IIyas Saeed & Co (ISCO) from Pakistan has opened a new...

MGI World Bangalore image 290x203

2017 Asia regional meeting takes place in Bengaluru, India on 4-5 August

23rd August 2017

Bengaluru (also called Bangalore) hosted the 2017 meeting from 4-5 August, at the palatial Leela...