Chinese Audit Firms Set to Challenge the World
29 Oct 2012
At the Baker Tilly International annual World Conference, held
last week in Beijing, CEO and President Geoff Barnes told 250
global business and accounting leaders that in the next decade five
of the biggest audit firms in China are likely to be domestically,
rather than foreign owned.
"The accounting profession in China is relatively young but it
is on an accelerated upward trajectory; it is not unrealistic
to expect a number of Chinese firms to be challenging the dominance
of established international networks in the near future," he
"The Chinese Government is keen to create domestic audit firms
with sufficient scale to audit the country's huge state-owned
enterprises and rapid growth businesses, especially as they
increasingly look overseas for growth opportunities," said
"Recent regulation mandating that audit firms are comprised of a
minimum of 60% of Chinese partners by 2014 will encourage domestic
firms to speed up the cultivation of talented Chinese professionals
with the international vision, skills and experience that the
market expects. At Baker Tilly China we are some way ahead in this
regard - all of our senior partners and management team are Chinese
nationals - and our active programme of secondments is providing
newly qualified CPAs with valuable international experience."
"Great progress has been made towards the convergence of
national and international accounting standards, which is helping
Chinese firms to meet international requirements, and boosting the
overseas development of Chinese companies."
Baker Tilly China has seen significant recent growth and
continues to make substantial investments.
"We have a strong commitment to China, where we are investing
for our people, for business and for the profession," said Barnes.
"We are helping Chinese companies to respond to challenges and
opportunities both at home and abroad, for example by providing
access to local mandarin speakers within our member firms in the
markets they are looking to enter. Ultimately, our clients in China
have access to our world-leading international network, with the
capabilities to serve them wherever in the world that they do
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