Working as an accountant in China once required an official qualification certificate, but an amendment to the accounting law made on November 5 by the Standing Committee of the National People's Congress has deregulated the industry and removed mandatory certification exams. The decision has triggered debate, news site Infzm.com reports.
Critics say removing mandatory certification will rock the accounting sector because unqualified people will seize the chance to enter the field. They may charge less than professional accountants, an attractive drawcard for companies looking to reduce costs – but one which could impact the quality of accounting information and company management. This will have flow-on effects that could destabilize the market and contravene the public interest, they say.
Supporters disagree. They say the decision streamlines the system – companies know more about how to protect their own interests and what kind of accountants they need than the authorities do, they say, and the market is the best way to evaluate them. Companies can weigh the professional ability of an accountant according to their professional training and practical experience, they add.
Although compulsory accounting qualification certificates have been removed, there are still a range of voluntary certifications available, such as the certified public accountant (CPA), and continuing and vocational education, supporters said.
Some suggested there should be a replacement criteria or a necessary threshold to judge what qualification an accountant should have.
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