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CNAO releases newly-amended National Auditing Standard


The newly-amended National Auditing Standard of the People¡¯s Republic of China is promulgated by Decree No. 8 of the National Audit Office of the People¡¯s Republic of China signed by Mr. LIU Jiayi, Auditor General of China on September 1, 2010, and shall go into effect as of January 1, 2011.
 
It is reported that the amended National Auditing Standard of the People¡¯s Republic of China was adopted at the Executive Council Meeting of the National Audit Office on July 8, 2010. The new National Auditing Standard includes seven chapters, namely General Provisions, Audit Institutions and Auditors, Audit Planning, Execution of Audit, Audit Reporting, Audit Quality Control and Accountability, and Supplementary Provisions. National Auditing Standard, applicable to all types of auditing business performed by audit institutions, stipulates basic procedures for the professional practice of auditing, and shall function as the ethics of conduct for performing legal auditing responsibilities by audit institutions and auditors, professional criteria for carrying out audit operation, and benchmark for evaluating audit quality. The revision and release of National Auditing Standard, as an important effort to improve legal framework of auditing in China, is another weighty event for its modernization drive, following the amendments made to the Audit Law and Regulations for the Implementation of the Audit Law, and a milestone in the history of the advancement of national auditing standard system. It shall be of great significance for the standardization of the behavior of audit institutions and auditors in performing audit business, audit quality control and assurance, reduction of audit risk, and the functioning of the immune ¨Csystem role of auditing in safeguarding the healthy operation of national economy and society.
 
The amended National Auditing Standard shall go into effect as of January 1, 2011.