Claims that the performance audit is the most suitable approach for internal audit to adopt to meet the needs of the socialist market economy. Through it, enterprises may tighten up control and raise managerial efficiency, as well as improving their competitive situation. Suggests a strategic...

Describes the ingredients for internal audit success in a large state‐integrated petroleum company. With 1,600 auditors and 25,000 audits performed, a varied contribution has been made across all areas of the business. Significant factors have been the interrelationships of independence,...

Provides an historical introduction to how internal audit took off in China. Acquaints us with the fascinating three theoretical models of the national role of internal audit: the theory of two legs, the theory of two wings and the theory of supplement. Details the roles that internal audit may...

Discusses the role of internal audit in the socialist market economy, the need for supervision of enterprises through internal audit and the way in which various stakeholders benefit. Makes a case for why internal audit uniquely fulfils the supervisory role and should not be substituted by...

Explains the importance of the socialist market economy to the prosperity of China. Hand‐in‐glove with this important development is the role of internal audit in facilitating and sustaining the changes that are necessary. Audit has the dual function of serving the entity and the wider needs...