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	RULES ON THE AUDITING STANDARDS COMMISSION OF THE CHINESE INSTITUTE OF CERTIFIED PUBLIC INSTITUTES (TRIAL)

	(Promulgated on February 16, 2004)


SUBJECT : CPA; AUDITING STANDARDS COMMISSION
ISSUING DEPARTMENT : CHINESE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
ISSUE DATE : 02/16/2004
IMPLEMENT DATE : 02/16/2004
LENGTH : 542 words
TEXT :

I. In order to strengthen the formulation work of independent auditing standards, the Chinese Institute of Certified Public Accountants (hereinafter referred to the CICPA) establishes the Auditing Standards Commission in accordance with the Law of the People's Public of China on Certified Public Accountants and the Charter of the CICPA.

II. The Auditing Commission shall be a special commission under the Council of the CICPA. It shall exercise the following functions:

(1) To deliberate the draft plan on independent auditing standards;

(2) To deliberate the draft of public opinion concerning the independent auditing standards; and

(3) To deliberate and approve the final draft of independent auditing standards.

III. The Auditing Commission shall be composed of 31 members, among whom there shall be 11 persons from the government and other relevant departments, 10 certified public accountants, 1 person from the Secretariat of the CICPA, 1 from the securities circle, 1 from the business circle, 6 accounting or auditing experts and 1 legal expert.

IV. A member of the Auditing Standards Commission shall meet the following basic conditions:

(1) He is familiar with the national macro-economic policies and the relevant laws and regulations;

(2) He has high level of professional theoretical knowledge and rich experience in auditing, accounting or in other relevant fields; and

(3) He has good professional ethics and reputation.

V. With regard to the establishment of the Auditing Standards Commission, the Secretary General of the CICPA shall put forward a proposal, submitting it to the Council for approval. During the period when the Council is not in session, the proposal shall be submitted to the Executive Council for approval.

VI. There shall be 1 Director and 1 Vice Director in the Auditing Standards Commission.

VII. The term of office of a member of the Auditing Standards Commission shall be 1 year and it may continue upon re-election.

VIII. The Auditing Standards Commission shall be presided over by the Director. If the Director is absent, it shall be presided over by the Vice Director. The meeting of the Auditing Standards Commission shall be null unless 2/3 or more of the members of the Commission attend it.

IX. The Auditing Standards Commission shall deliberate the draft plan on independent auditing standards, the draft of public opinion and final draft so as to reach a consensus upon full discussion. If it is unable to reach a consensus, the members may make a decision by voting. A voting item shall be null unless more than half of the members vote in favor of it.

X. The members of the Auditing Standards Commission shall attend the meetings of the Auditing Standards Commission in time.

XI. Where a member of the Auditing Standards Commission doesn't meet the requirements for being a member any longer, or if he seriously violates the disciplines of the Auditing Standards Commission, he shall be dismissed according to the pertinent procedures.

XII. Where there is any vacant position in the Auditing Standards Commission, it shall be filled according to the pertinent procedures for the creation of members of the CICPA.

XIII. As the permanent administrative office of the CICPA, the Secretariat of the CICPA shall be responsible for drafting the independent auditing standards and handling the routine affairs of the Auditing Standards Commission.