Annual Audit

Consequences for Not Making Annual Audit 


According to the regulations of Administration for Industry and Commerce, company must make annual audit every year.


Every company must make annual audit before 30 June each yearRecord of being listed in abnormal operation stays forever and can not be removed.


Companies don’t notify annual reports on time will be listed in abnormal operation and be published to society.


Credit union punishing and warning systems by governments 

Companies listed in abnormal operation record will be restricted or prohibited in government purchasing, engineering bidding and tendering, state-owned land transfer, awarding of honorary title and so on.

Daily business operation will be restricted   

Banks will refuse to offer services, such as account opening and loans, to companies which are listed in abnormal operation system.

Trade counter parties will refuse cooperation due to lack of credit 

Companies distrusted by counter parties in the market may lead to cancellation of cooperation. 

Companies with record over three years will be listed in strict violation of law list 

Companies with continuous record of abnormal operation will be considered credit lacking .

Enterprises executives will be restricted in appointments

Information of legal person, director, supervisor and senior executive will be listed in the credit supervision system, which is rather inconvenient and will be restricted in many aspects.

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