초록 열기/닫기 버튼
The economy of China has a big impact on the world’s economy and keeps growing. With the economy growing, however, the cases of corporation’s corruption take place and so a huge amount of efforts are put in maintaining the internal control system through many kinds of laws, regulation, and rules as a solution for the issue. First, the corporation law and the securities law of china which was revised in 2005 and enforced in Jan. 1st in2006, definitizes a manager’s responsibility and obligation, extends the right of an audit, and demands the release of the information. Also, on May 17 in 2005, the Chinese securities regulatory commission proclaimed the “laws on the public issue and flotation of new stocks,” and “the internal control of an initiator is effective in all important perspectives, an internal control evaluation report in which the conclusion is not deferred should be published by CPI.” It means that the listed corporations are asked clear demands for the internal control. And the Shanghai and Simcheon stock exchanges implemented “guidelines for an internal control system for listed corporations” since Jul 1st in2006 and 2007, respectively. In addition to the ministry of finance of China set up “committee for the standards of the internal control” almost at the same time to enforcement of SOX law in the US and the association of Chinese CPAs established “committee of internal management instruction of accounting firms.” This series of moves show that it is a crucial pont for the internal control system in China. The internal control system in China has some differences from the system in the US. However, it should be noted that there are active movements for disclosure of information and protection of stock holders even in a socialist state like China.
키워드열기/닫기 버튼
Internal Control, Corporation’s Corruption, Manager’s Responsibility, Guidelines for an Internal Control System for listed corporations, Law on the Public issue and Flotation of new stocks
