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 Screenshot of CR Sharedalal white paper on COVID-19 pandemic and its GST implications

C.R. Sharedalal & Co. publishes white paper discussing the impact of COVID-19 pandemic on the Indian economy and specifically GST implications

25th May 2020

C.R. Sharedalal & Co., India-based member firm within the MGI Worldwide with CPAAI accounting...

MGI World India map with logos overlaid on grey background

MGI Worldwide with CPAAI India-based firms hold virtual meeting with colleagues from sister law network, Mackrell International

22nd April 2020

As members around the world adapt to the new reality of working from home and dealing with the...

MGI World Asia map background with MGI + CPAAI logos and "Bigger, Better, Different" overlaid

Fantastic news for our Asia region, as they become one of the first regions to formally set up a merged governance structure way ahead of the June 30th deadline!

19th March 2020

The merger between MGI Worldwide accounting network and CPAAI has shown to be helping member firms...