Page 4 - Opportunities of Belt Road Initiative

Principal Support

The Chinese Institute of Certified Public Accountants (hereinafter referred to as CICPA) is
an organization under the guidance of the Ministry of Finance. It undertakes the statutory

functions of organizing CPA examinations and developing practice standards by virtue of the
powers vested in The Law of the People’s Republic of China for Certified Public
Accountants and the professional management and service functions stipulated by The

Charter of the Chinese Institute of Certified Public Accountants. It was founded in November
1988.

The main responsibilities of the CICPA include: (1) To examine and approve applications for

CICPA membership, and provide guidance to the local institutes of CPAs on membership
registration; (2) To develop professional standards and rules for CPAs, monitor and review
their implementation; (3) To conduct annual quality assurance program for individual CPAs
and accounting firms; (4) To formulate professional regulatory rules and take disciplinary

actions against those with non-compliant activities; (5) To organize National Unified CPA
Examinations; (6) To organize and deliver training programs for members; (7) To organize
professional exchanges, conduct theoretical research and provide technical support; (8) To
give publicity to the accountancy profession; (9) To promote relationships within and beyond

the accountancy profession, support CPAs to adhere to the laws in conducting their
practices and safeguard the legitimate rights and interests of members; (10) To represent
the Chinese accountancy profession in carrying out international co-operations and
exchanges; (11) To give guidance to the work of local institutes of CPAs; (12) To conduct

other relevant work stipulated by laws and regulations, and entrusted or authorized by
government agencies.

As of December 31, 2017, CICPA has 8,605 group members (accounting firms). Among
them, 40 are qualified to conduct securities and futures-related business and 11 firms are
authorized to conduct H-share audit. CICPA has over 237,000 individual members, including
105,570 practicing members and 131,633 non-practicing members. The workforce in this

profession exceeds 300,000 people. They serve over 4.2 million enterprises and institutions,
including over 3,000 listed companies.

CICPA has joined CAPA in October 1996 and IFAC in May 1997. CICPA has established
friendly relations with over 50 overseas accounting organizations.

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