China's Auditing and Accounting IndusTry Outlook
Autor: candyrock • August 26, 2018 • Research Paper • 278 Words (2 Pages) • 698 Views
Industry research – China’s auditing and accounting industry
What's the outlook for the market in this industry is it growing, steady or declining? Why?
The industry's outlook in China is expected to be positive, as the country's growing economy and developing business sector continue to spur demand for accounting and auditing services. Enterprises looking to resolve risk and compliance concerns and improve internal controls and transparency will create stable demand for auditors. Moreover, China has loosened its requirements on accounting service agency permits in 2017, a move expected to create growth potential for the industry. Meanwhile, with the advancement of efficient computer systems to handle heavy data crunching jobs, auditors will be required to showcase more analytical skills and communication skills.
What are current business trends driving this industry forward?
China's growing economy and corresponding rise in business activities (such as company listings) generated stable demand for accounting and auditing services. Meantime, continuous industry reforms, such as the issuance of revised accounting standards on financial instruments by the Ministry of Finance in 2017 is expected to create a more standardized industry landscape. On the other hand, the advancement of technology, characterized by the use of more powerful and less expensive analytical software, is driving accountants and auditors towards delivering more efficient and higher-value services.
What type of backgrounds, qualities, education, experience, etc. are important for candidates to have?
University degree majoring in accounting, business administration, information systems, computer science, engineering, statistics, accounting, etc.; Internal audit/external audit and/or compliance experience with a reputable international professional firm or financial institution; Working understanding of internal and external audit methodologies, approaches and techniquess; Strong analytical, numerical and communication skills; Flexible, self-starter possessing intellectual curiosity.
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