In this issue of China Briefing magazine, we walk foreign businesses through the annual audit and compliance process from start to finish. We begin by exploring the significance of annual audit on FIEs and how to prepare for an effective audit. Then, we offer a comprehensive step-by-step guide to completing the annual compliance process. Finally, we provide a comparison of the Chinese Accounting Standards (CAS) and International Financial Reporting Standards (IFRS), which lays the basis for GAAP conversion. In this issue: • Annual Audit in China: What is it and Why is it Important? • How to Prepare for an Effective Annual Audit? • Annual Compliance Requirements in China: What Do Companies Need to Know • What are the Differences Between CAS and IFRS and How to Bridge Them? | 