China-Business-Advisory-rgb

Client Industry: Human Resource

Client Overview: Incorporated in the Shanghai Free Trade Zone, the client employs about 10 people and specializes in providing professional recruitment consulting services in China.


Client Brief

  • Funds transferred from the client’s parent company could not be recognised as injected capital due to non-compliant cross-border remittance procedures.
  • Calculation and filing of social benefit contributions were non-compliant with local HR regulations, presenting a risk of disputes between employees and the company.
  • Accounts prepared by the client’s local accountant could not be reconciled with bank statements, and supporting documents were insufficient.

How we helped

SBA Stone Forest (SBASF) reviewed the client’s accounts for the half year ended 31 December 2014 and provided solutions in the following areas:

  • Ensured compliance with PRC GAAP
  • Offered accounting advisory on regulatory compliance for capital injection and shareholders loan in accordance with foreign exchange rules
  • Verified the completeness and accuracy of bookkeeping, including supporting documents
  • Ensured full compliance with all relevant tax laws
  • Prepared the accounts for audit purposes

Our Value

The client successfully passed the annual statutory audit for 2014 using accounts prepared by SBASF.