On November 11, 2026, the Ministry of Finance held a press conference on the high-quality development of accounting during the 15th Five Year Plan period, introducing the achievements of accounting reform and development during the 14th Five Year Plan period, as well as relevant considerations for the high-quality development of accounting during the 15th Five Year Plan period.

Sun Feng, Deputy Director of the Supervision and Evaluation Bureau of the Ministry of Finance, said in response to a question from the Economic Observer: "The Ministry of Finance will launch a three-year action plan (2026-2028) to improve the quality and efficiency of financial supervision, adhere to a strict tone, maintain a high-pressure situation in cracking down on financial fraud, and continue to increase supervision and inspection capabilities

In recent years, the Ministry of Finance has conscientiously implemented the decisions and deployments of the Party Central Committee and the State Council on strengthening financial and accounting supervision and cracking down on financial fraud, and has increased supervision, inspection, and administrative penalties in accordance with the law, continuously promoting the improvement of accounting and auditing quality.

Financial and accounting supervision refers to the supervision of the financial, fiscal, and accounting activities of state organs, enterprises, institutions, other organizations, and individuals in accordance with laws and regulations. The trend of strengthening financial and accounting supervision by the Ministry of Finance is becoming increasingly evident from 2023.

On February 15, 2023, the General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the "Opinions on Further Strengthening Financial and Accounting Supervision Work"; On February 16th, the Ministry of Finance held a national conference on financial and accounting supervision work; On March 20th, the Ministry of Finance held a mobilization and deployment meeting for the special actions of financial and accounting supervision and budget execution supervision.

According to Sun Feng, from 2023 to 2025, the Ministry of Finance will organize special financial and accounting supervision actions for three consecutive years, organizing local regulatory bureaus and finance departments to conduct accounting information quality inspections on 18000 enterprises, and imposing administrative penalties on 356 enterprises and 188 enterprise leaders, including Huarong Asset Management Company and Zitian Technology; Conducted quality inspections on 7010 accounting firms and imposed administrative penalties on 729 accounting firms, including PwC Zhongtian and Beijing Yatai International, as well as 1896 registered accountants.

In terms of the next step of work, Sun Feng stated that the Ministry of Finance will effectively fulfill its main responsibility for financial and accounting supervision, adhere to "strict supervision and zero tolerance", continue to increase supervision and inspection efforts, and seriously investigate and punish illegal and irregular accounting and auditing behaviors. Focus on the following three aspects:

One is to seriously investigate and handle major and important cases. Pay close attention to major financial fraud cases that have a negative impact on society, thoroughly investigate and verify accounting and auditing responsibilities, impose penalties in accordance with laws and regulations, and strengthen warning and deterrence.

Secondly, we will continue to increase our supervision and inspection efforts. Carry out a three-year action plan to improve the quality and efficiency of financial supervision (2026-2028), adhere to a strict tone, maintain a high-pressure situation in cracking down on financial fraud, and continue to increase supervision and inspection efforts. On the one hand, we will solidly carry out quality inspections of accounting information, severely crack down on illegal and irregular behaviors such as fictitious economic transactions, inflated profits, and falsified financial statements, and promote the effective implementation of the national unified accounting system. On the other hand, efforts will be made to strengthen the supervision of the quality of practice of intermediary institutions such as accounting firms and asset appraisal agencies, with a focus on cracking down on issues such as forging audit evidence, collusion and fraud, meter reading audits, and issuing false reports, effectively purifying the practice environment.

The third is to establish a collaborative and linked regulatory mechanism. Establish a sound and efficient cross departmental regulatory mechanism, establish a clue transfer mechanism with relevant departments such as development and reform, public security, financial supervision, and securities supervision, strengthen collaborative cooperation in information communication, collaborative supervision, achievement sharing, and credit joint punishment, enhance work synergy, continuously improve the "1+N" work system for cracking down on financial fraud, promote the implementation of administrative, civil, and criminal accountability, and improve supervision efficiency.

On that day, the Ministry of Finance also released the "15th Five Year Plan for Accounting Reform and Development", proposing seven major system construction tasks including accounting rule of law, accounting talents, and accounting services.

Lin Qiyun, Director of the Accounting Department of the Ministry of Finance, said that in summary, it is necessary to achieve four "more focuses", one of which is to pay more attention to the rule of law and supervision. Among the seven major systems, the rule of law system is at the forefront, and the supervision system is an important lever. On the one hand, we will set the standard with a ruler, systematically promote the construction of accounting standards and other standard systems, and accelerate the improvement of supporting systems for the certified public accountant industry; On the other hand, we must strictly abide by the rules, establish a collaborative and efficient accounting supervision system, punish financial fraud and audit violations in accordance with the law throughout the entire chain, and maintain the order of the market economy.

(Author Du Tao)