Ministry of Finance, Internal Accounting Control Standards - Procurement and Payment (Trial Implementation)

财政部内部会计控制规范-采购与付款 (试行)

October 02, 2003 | BY

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Issued: December 23 2002Interpreting authority: Ministry of FinanceApplicability: The provisions apply to governmental organs, social organizations, companies,…

Clp Reference: 3100/02.12.23 Promulgated: 2002-12-23

Issued: December 23 2002
Interpreting authority: Ministry of Finance
Applicability: The provisions apply to governmental organs, social organizations, companies, enterprises, institutions and all other economic organizations (Article 2).

Main contents: The Standards require work units to establish an internal segregation of certain duties of procurement and payment that cannot be put together (Article 5). Parts Three, Four and Five, respectively, detail the control of request for procurement and its examination and approval, of procurement and check and acceptance, and of payment. Part Five calls for the establishment of a supervision and inspection system for internal control of procurement and payment.
Related legislation: PRC Accounting Law (Revised), Oct 31 1999, CLP 2000 No.1 p4 and Internal Accounting Control Standards - Basic Standards (Trial Implementation), Jun 22 2001, CLP 2001 No.7 p4

clp reference:3100/02.12.23(2)
promulgated:2002-12-23

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