Arab Today, arab today china to intensify financial auditing of foundations after embezzlement scandals
Last Updated : GMT 05:46:11
Arab Today, arab today
Arab Today, arab today

China to intensify financial auditing of foundations after embezzlement scandals

Arab Today, arab today

Arab Today, arab today China to intensify financial auditing of foundations after embezzlement scandals

Beijing - Xinhua

China plans to intensify financial auditing of domestic foundations after a series of embezzlement scandals hit charity organizations, impacting upon donations. The Ministry of Finance and the Ministry of Civil Affairs are now soliciting public opinions on new rules that will require domestic foundations to hire accounting firms to audit their financial statements and publish reports, according to a joint statement issued by the two ministries on Tuesday. Under the new rules, domestic foundations\' annual financial reports, and details of financial situations during management reshuffles must be subject to accounting firms\' auditing. The requirements will also apply to certain donation programs, such as those accounting for more than 10 percent of the foundation\'s received annual donations or involving natural disaster relief. Previously, auditing was required only for foundations\' annual financial reports. The new rules, expected to come into effect on Jan. 1 of next year, also lay down specific qualifications for accounting firms that can audit foundations. Earlier this year, a young woman calling herself \"Guo Meimei\" claimed online that she was the general manager of \"Red Cross Commerce\" -- a group the Red Cross Society of China said does not exist -- and posted pictures on her microblog detailing her lavish lifestyle, provoking the ire of netizens who speculated that she might have funded her purchases by embezzling money from the Red Cross. In September, media outlets reported the Soong Ching Ling Foundation in central Henan province had embezzled charitable donations and lent large amounts of money to real-estate companies for the construction of luxury apartments. However, there is still no official confirmation on either of these scandals. During the January to October period of this year, the country\'s civil-affairs authorities received a total of 4.36 billion yuan (685.53 million U.S. dollars) in public donations, less than one third of that for the same period of 2010, according to statistics from the Ministry of Civil Affairs. No statistics on donations collected by domestic foundations are available, however.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china to intensify financial auditing of foundations after embezzlement scandals Arab Today, arab today china to intensify financial auditing of foundations after embezzlement scandals

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st female Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st female Scotland Yard chief in 188 years
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday