17. Welcomes the rapid modernisation of the Chinese financial sector; stresses, however, the utmost importance of ensuring a smooth transition so as to avoid any financial instability with possible repercussions across global financial markets; suggests, in particular, that a "race to the bottom" involving harmful regulatory competition between global financial marketplaces should be avoided; suggests, on the contrary, that major regulators worldwide should promote standards of the highest quality; recalls that the EU itself is co ...[+++]mmitted to the global convergence of standards in the areas of accounting (International Financial Reporting Standards), audit (International Standards on Auditing), capital requirements for credit institutions (Basel II), money laundering and the fight against financing terrorism (Financial Action Task Force on Money Laundering (FATF) recommendations) and securities market regulation (International Organization of Securities Commissions standards); points out that the EU would be ready to offer its experience and assistance to the Chinese authorities to implement convergence where necessary;

17. Welcomes the rapid modernisation of the Chinese financial sector; stresses, however, the utmost importance of ensuring a smooth transition so as to avoid any financial instability with possible repercussions across global financial markets; suggests, in particular, that a "race to the bottom" involving harmful regulatory competition between global financial marketplaces should be avoided; suggests, on the contrary, that major regulators worldwide should promote standards of the highest quality; recalls that the EU itself is co ...[+++]mmitted to the global convergence of standards in the areas of accounting (International Financial Reporting Standards), audit (International Standards on Auditing), capital requirements for credit institutions (Basel II), money laundering and the fight against financing terrorism (Financial Action Task Force on Money Laundering (FATF) recommendations) and securities market regulation (International Organization of Securities Commissions standards); points out that the EU would be ready to offer its experience and assistance to the Chinese authorities to implement convergence where necessary;

13. Welcomes the rapid modernisation of the Chinese financial sector; stresses, however, the utmost importance of ensuring a smooth transition to avoid any financial instability with possible repercussions across global financial markets; suggests, in particular, that a 'race to the bottom' involving harmful regulatory competition between global financial marketplaces should be avoided; suggests, on the contrary, that major regulators worldwide should promote standards of the highest quality; recalls that the EU itself is committe ...[+++]d to the global convergence of standards in the areas of accounting (International Financial Reporting Standards), audit (International Standards on Auditing), capital requirements for credit institutions (Basel II), money laundering and the fight against financing terrorism (Financial Action Task Force on Money Laundering (FATF) recommendations) and securities market regulation (International Organization of Securities Commissions standards); points out that the EU would be ready to offer its experience and assistance to the Chinese authorities to implement convergence where necessary;

This will be of primary interest to companies that wish to use the euro for their internal financial accounting or to make transfers or payments in euro.

Among a host of improvements, the financial management system has been radically modernised so that responsibilities which were previously diffuse and obscure are now clearly and specifically assigned; the Annual Activity Reports and Declarations from all the Directors General provide the most thorough and transparent management reporting system of any administration in the EU; a new Financial Regulation came into effect on 1 January and it enables the full transition to modern accrual accounting to be made by 2005 a quicker change than that made anywhere else; more than 3,500 personnel have been retrained to operate the new financial ...[+++] management system; two new services have been created the Central Financial Service and the Internal Audit Service as essential components of the modernised management and control system.

The auditor general audits these financial statements to ensure that the accounts and statements are a fair representation of the financial position of these organizations (1840) Each organization's board has established an audit committee which reviews and advises the board on its financial statements, reviews its accounting procedures and internal controls, oversees any internal audits undertaken, reviews and advises the council on reports from the auditor general and reviews any corrective measures implemented as a result of audits ...[+++].