Basically, regulations about the certificates review is almost maintained the same as former year in year 2017. Deadline of the review is Jun.30th. Accounting audit report is compulsory for foreign state representative offices and leave an alternative option for foreign enterprises. This means that it is welcomed if foreign enterprises want to process any audits and upload the audited results to governmental websites to complete the review processes, including business registration department and taxation bureaus. 

Certain enterprises those involved more complicated taxation matters such as high-tech tax grant, foreign income tax grant or special deductions tax benefits like advertisements or R&D ect., better to hold a taxation audit. This advice is also useful to local companies.

The differences between an accounting audit and taxation are shown as below.

** An accounting audit is more focus on how transactions are recorded in accounts and calculated properly per China accounting principles. This is required for annual certificates review for a foreign state representative office. 

** A taxation audit is more focus on how an entity's taxation liability is calculated correctly per local and current tax laws as well as relevant regulations. This is linked to the government taxation systems. Audited data will be uploaded to taxation systems automatically and becomes a strong reference to tax inspectors how well an entity is handling its tax liabilities and what issues such as taxp reference/grant are involved. If a company replies in more complex tax situation or having tax preference, it would be better to process a tax audit to hedge a further tax risk. 

Take earlier time on compliance save more time for vocations. Good lucks!