Joint ventures in China: are they working?

Article Abstract:

China introduced a program of economic liberalization in 1978 that set up the framework for joint venture companies in Special Economic Zones in Guangdong province at Shenzhen, Zhuhai, and Shantou, and at Xiamen in Fujian province. The two types of joint venture companies are equity joint ventures (EJVs), and the more flexible contractural joint ventures. EJVs are regulated by a legal framework that requires the creation of a limited liability corporation, similar to a partnership in the UK, that is incorporated in China. The success of joint ventures is dependent on the degree of decision making power granted to local management and high standards of quality control. Management systems are based on responsibility accounting, which uses centers for cost, profits, and investments to identify responsibilities and decision making authority.

Management, Business, Corporations, Joint ventures, Corporations, Chinese

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No EC single market for auditing services

Article Abstract:

National Economic Research Associates Inc conducted the 'Competition in European Accounting' study which analyzed the absence of a single market in accounting and auditing services in Europe. Research showed that the six largest accounting firms, KPMG, Coopers and Lybrand, Ernst and Young, Arthur Andersen, Price Waterhouse and Deloitte Ross Tohmatsu, dominate the world market. Despite this barrier to an authentic single market, UK's annual auditing requirement has increased the number of its accountants to 800 per million individuals. This practice has, likewise, been started in Spain and Italy.

Commercial nonphysical research, Business consulting, not elsewhere classified, Research, Reports, Research institutes, Accounting firms, Accounting services, Single European market, National Economic Research Associates Inc.

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Auditing in China today

Article Abstract:

Communist China has auditors, but their role is much more limited than in the West. They perform numerous kinds of audits to make sure government companies and joint government-public ventures are using their money wisely. Certified public accountants were not registered in China before 1980, and there is still no formal CPA exam. CPAs are registered by the government, and only Chinese can be so registered.

Economic policy, Training, Auditors

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