Auditing Framework in the People’s Republic of China and the International Auditing Guidelines : Some Comparisons

The National Audit Office of the People's Republic of China has taken a giant leap forward in 1997 by issuing 38 auditing guidelines for the government audits. This is a step forward to harmonize audit processes and procedures throughout the country, and an attempt to harmonize with international practices. This paper assesses implications of these guidelines to the government units and the auditing industry as a whole, and compares the emphasis of the Chinese auditing guidelines with those of the IAGs. It concludes that this is the way forward for auditing in the People's Republic of China