Comparing And Researching For Chinese And American Derivatives Financial Instruments' Auditing Standards

Since the 70's of 20th century, derivative financial instrument got booming with the more and more country's deregulation of interest rates. The come out of these derivative financial instruments has not only expanded the company's business operations but also significantly improved the operating efficiency of financial institution and all the financial market. Meanwhile, it also make the new challenge ,new request to the financial supervision, company's risks controlling and the existing accounting system.Derivative financial instruments is an important research subject of modern accounting theory. The come out of derivative financial instruments in China domestic is formally in the year 1991 which is later and is still in its infancy stage. With China's market-oriented deepening the degree of internationalization, more and more derivative financial instruments would appear in a planned, step by step process in China's stock market.This article is based on this background, the in-depth research. Describes the audit of derivative financial instruments related to some basic issues, specifically including the audit definition, classification, characteristics, background and risk of derivative financial instruments. Analysis and researching for SINO-US derivative financial instruments'Auditing Standards, analysis for U.S. implementation environmental of auditing standards of the U.S. As well as some counter-measures of auditing standards for China's derivative financial instruments'effective implementation. The purpose of establish Auditing Standards for the Derivative financial instruments is to make the standard of confirm, identify and implementation of the CPA specially making audit process of certified public accountantThe purpose of drawing up the standards for derivative instruments is to standardizing the identified and perform audit procedure while the Identified certificated public accountant (CPA) dealing with the financial statements. As the first derivative financial instrument's Auditing Standards, AU section 332 has only been drew up for 10 years. This standard is started relatively late, while the started time is even more later in China. With the continuously innovation and widely use of the derivative financial instrument, the certificated public accountant (CPA) should supply various risks controlling service to the entities of which need the derivative financial instrument service. Accordingly, guidelines of inspecting the derivative financial instruments and other business verification review should be unveiled, to form a complete system for derivative financial instruments auditing standards. Derivative financial instruments to further improve the implementation of environmental auditing standards, auditing standards to make derivative financial instruments to be effectively implemented.This article seek for multiple perspectives and direction's exploring, ,try to grasp the trends of develop of our derivative financial instruments'Auditing Standards, exploring the effective implementation of auditing standards in China measures on the basis of fully analysis information available now, in order to make healthy and orderly development of our derivative financial instruments'Auditing Standards.