When it comes to corporate audit and assurance services, it is important for CPAs to be intimately familiar with all regulations connected to business with China and Chinese businesses. Mistakes in accounting and tax information can lead to significant fines and problems. A Chinese issuer CPA firm will have the experience and knowledge necessary to work with any business working with China.
According to the United States Bureau of Labor Statistics, there are nearly 1,400,000 accountants and auditors working in the United States, but not all of them will have the ability to help companies that are involved in international business, imports and exports, and overseas manufacturing. Understanding the laws and regulations that impact global business relationships will enable a company to thrive in the global market and avoid many of the common downfalls in business expansion.
Security laws essential to the global business community, and enforcing those laws allows for a more even playing field for new businesses entering the market, as well as more established businesses working to thrive. Regulating firms in countries like Hong Kong have longed worked with the United States SEC in order to provide consistency. SEC compliance audits in China can be intimidating for businesses, but are needed to ensure everything is being properly reported and operated. A Chinese issuer CPA firm can work with businesses to ensure they are following all the applicable regulations.
Chinese accounting firms often work specifically with global companies that utilize Chinese manufacturing or sell in multiple markets. Business advisory services in China can help businesses understand how business is conducted, what the applicable regulations are, but also cultural differences that may impact their business.
Whenever a company is doing business with overseas providers, manufacturers, or customers, it is important to understand the differences in customs and expectations to avoid any professional misunderstandings or mishaps. Whenever there are multiple cultures involved, there is the potential for misunderstanding involving timelines, quality control, or expectations. Avoiding these with the help of advisory services can ensure a smooth and productive relationship.
