The Ministry of Finance of the People's Republic of China and the Cyberspace Administration of China jointly drafted the Interim Measures for Data Security Management of Accounting Firms (Exposure Draft) (the Measures for short below) in a bid to implement the requirements of the Data Security Law, the Cybersecurity Law and other relevant laws, strengthen the data security management of accounting firms and standardize their data processing operations.
Photo Credit：cfp.cn
The Measures outlined the scope of application, data definition, and responsibilities of parties concerned in order to standardize the data security management of accounting firms. The Measures specified that accounting firms should classify data into core, important, and general categories for tiered management. They should lay down specific rules for data transmission, encryption, and backup, and set forth particular demands for data management techniques, data storage methods, and log management. At the same time, they should provide guidelines for issues concerning outbound data transfer in the context of cross-border audit supervision.
During the 2023 CIFTIS, the Building A Digital Ecosystem, Serving A Digital China - Digital Innovation Service Forum for Beijing Accounting Sector was held, where the latest digital service products of Beijing accounting sector were brought to the site. Guests invited shared cutting-edge practices, and forecasted upcoming trends and domains in digital services within the sector. The goal was to seek alignment with service demands, collaboratively deliberate on the digital ecosystem, and jointly build a Digital China.
Photo Credit: Xinhua News Agency
In his speech, Jiang Yong, executive deputy president and secretary general of the Chinese Institute of Certified Public Accountants (CICPA), underscored the profound importance for the CPA sector to fully comprehend the significance of serving the Digital China. He stressed the need to balance the relationship between development and security, to construct new, efficient and intelligent audit modes, to actively expand digital value-added service content, and to effectively play the supportive role of CICPA in promoting the digital transformation of the sector. All of this is to better serve Chinese modernization through high-quality development.
Yu Baojiang, a first-level inspector of Beijing Municipal Finance Bureau, highlighted in his speech the urgent need to acknowledge the stark disparities in the proficiency of accounting firms of all sizes amid the digital transformation. Coupled with pronounced talent shortage and severe underinvestment, these challenges within the accounting sector need to be tackled head-on. He hoped that the Beijing accounting sector could thoroughly study and implement the Opinions on Further Strengthening Financial and Accounting Supervision, which was issued by the general offices of the CPC Central Committee and the State Council to empower the building of the financial and accounting supervision system through digital transformation. He suggested the Beijing accounting sector to continuously innovate mechanisms, and optimize policies, thus laying the groundwork for the sector's development through digital talent cultivation. Furthermore, he encouraged an increase in R&D investment to open new areas, thereby paving the way for industry growth through the provision of digital innovation services.
● China International Fair for Trade in Services (CIFTIS) is co-hosted by the Ministry of Commerce of the People’s Republic of China and the People’s Government of Beijing Municipality.
● CIFTIS is the first state-level global comprehensive fair for trade in services, serving as an exhibition window, communication platform and cooperation bridge for the service industry and trade in services.
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