12
Oct

International Trade and Accounting Laws Require SPecial Attention to Detail

Written by Finance Magazine. Posted in Chinese issuer cpa firm, International tax and accountancy services for china

In a world were international business is a part of the news and the economy, it should come as no surprise that there are specific firms that offer their services to a very specific kind of customer. For instance, a Chinese issuer CPA firm can help businesses deal with the implications of doing business with one of the largest countries in the world. In fact, without the specific knowledge that can be provided by a Chinese issuer CPA firm it would likely be very difficult to know how to file the necessary end of the year financial forms.

Finding the right resources can help you find the solutions that you need. For instance, with the use of business advisory services in China you can accurately and legally track the financial dealings that your company completes. Many of these across the world transactions can be complicated if you are not working with financial resources that are familiar with the way that Chinese accounting firms record their transactions. Although there are many people who think that accounting is a very black and white endeavor, the reality is that there are specific requirements when you are working with international dealings.

Consider these facts and figures about the many times when corporate audit and assurance services are necessary:

  • The IRS can audit any business tax return within three years of filing. In addition, it can collect back taxes owed for up to 10 years, so it is important that you accurately file your returns the first time.
  • 1,397,700 accountants and auditors work in the U.S., according to the U.S. Bureau of Labor Statistics.
  • $66.8 trillion is the amount capital included in the U.S. investment management industry.
  • Every year the SEC brings hundreds of civil enforcement actions against both companies and individuals suspected of violating securities laws.
  • Although current implications can seem serious, it is important to know that the practice can actually be traced to ancient Mesopotamia, where the world’s first accountants kept track of taxes paid in sheep and produce for religious temples. In fact, accounting has been an industry for thousands of years.

SEC compliance audits in China require special attention to both U.S. and Chinese regulations, so it is important to make sure that you are working with a resource who can help you follow the letter of the law.

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