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Both Annual Audit and Annual Reporting are very important for enterprises. Annual audit is usually used for the annual reporting, enterprise bidding, dividend distribution etc., most of the enterprises will do it every year. Annual Reporting is a compulsory annual work for all enterprises.
Annual audit report:
Annual audit report is a written document with audit opinion on the legality and fairness of the financial statements of an enterprise in an accounting year, which is prepared in accordance with the Auditing Standards for Certified Public Accountants of China.
The annual audit report is usually used for the annual reporting, enterprise bidding, dividend distribution, and let shareholders better understand the operation of the company, etc. A public accounting firm shall bear legal responsibility for the audit reports .The annual income tax settlement requirements need to be operated based on the official audit report.
The audit report is also conducive to the owner or management team of the enterprise to have a more authoritative understanding of the operation of the company in a year.
Annual Reporting:
All the enterprises registered in China, shall submit its annual reporting to Market Supervisory Authority through National Enterprise Credit Information Publicity System, and notify to the society through appropriate means. Any enterprises and individuals could check it at this system.
Annual reporting generally starts after completion of the annual audit, and finishes before June 30th of the year. According to the specific situation of each year, enterprise is suggested to complete the annual report before May 31, avoid delaying in the last month due to network congestion and unnecessary troubles to itself. The enterprise itself shall be responsible for the authenticity and legality of the annual report. For the enterprises that fail to publish the annual report within the prescribed time limit, Market Supervisory Authority will move them into the directory of abnormal operation (Black List). Once an enterprise was moved into the abnormal list, this bad record could be reviewed in 3 years in the system even you have already corrected it; If you didn’t perform the obligation more than 3 years of failure to perform, this enterprise will be permanently blocked into the serious illegal Blacklist.
After annual reporting period, Market Supervisory Authority may carry out spot checks on the contents published in the annual reports of enterprises.
The checking rate is about 15~30% as normal. If the annual report is found with fake or deception information, Market Supervisory Authority shall punish it in accordance with the laws, and inform the relevant departments of public security, finance department, customs, tax bureau and bank. and their legal representative and the responsible person of the enterprise will be seriously affected as well.
That’s the current strict supervision way “once violation of the law, restricted everywhere”.
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