No time to waste to manage risk control
By Zhang Fengming |
May 14, 2010, Friday
|
Print Edition
Print Edition
LISTED companies should strengthen their risk control to meet the new regulation deadlines as soon as possible, industry watchers said yesterday.
Dual-listed companies have up to the end of 2011 to submit their risk control report while the deadline for domestically-listed banks on the main board is up to as late as 2012, according to the latest implementation guidelines on enterprise internal control issued by five government bodies.
"The deadline seems to be still far away but it's actually quite a tight schedule for listed companies according to our overseas experience," Helen Wang, an Ernst & Young partner, said yesterday.
"Listed companies should be aware of the urgency of the issue and move quickly," she advised.
The new guidelines will raise the quality of financial reporting among companies, especially publicly-listed ones, in China and minimizing the risks of fraud.
"One of the major points is that companies should really see the issue of internal risk control as continuing and should not rubber stamp the new requirement or viewing it only as a short-term project to comply with the new requirement," said Eric Chia, an Ernst & Young managing partner.
PricewaterhouseCoopers and Deloitte also shared the same view.
"Internal risk control is related to all business departments, not only the finance department," PwC said earlier.
The new guidelines will guide Chinese companies in raising their management standard and adopting best practices for risk control, the accounting firms said.
Dual-listed companies have up to the end of 2011 to submit their risk control report while the deadline for domestically-listed banks on the main board is up to as late as 2012, according to the latest implementation guidelines on enterprise internal control issued by five government bodies.
"The deadline seems to be still far away but it's actually quite a tight schedule for listed companies according to our overseas experience," Helen Wang, an Ernst & Young partner, said yesterday.
"Listed companies should be aware of the urgency of the issue and move quickly," she advised.
The new guidelines will raise the quality of financial reporting among companies, especially publicly-listed ones, in China and minimizing the risks of fraud.
"One of the major points is that companies should really see the issue of internal risk control as continuing and should not rubber stamp the new requirement or viewing it only as a short-term project to comply with the new requirement," said Eric Chia, an Ernst & Young managing partner.
PricewaterhouseCoopers and Deloitte also shared the same view.
"Internal risk control is related to all business departments, not only the finance department," PwC said earlier.
The new guidelines will guide Chinese companies in raising their management standard and adopting best practices for risk control, the accounting firms said.
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