Study On China's Auditing On Infrastructure Investment

The auditing on infrastructure investment is an important category of auditing supervision and an important part of the state-owned assets supervision system. It plays a critical role in maintaining healthy operation of national economy, guaranteeing the safety of state-owned assets and improving the performance in anti-corruption. Particularly, with the further reform and opening of China, the establishment of a diversified investment system and the enhanced construction of infrastructure and public utilities nationwide, higher requirements have been proposed on the execution, conception and methods of auditing on infrastructure investment. However, in the past years, no effective operating mode adaptable to the China features has been available for auditing on infrastructure investment, both theoretically and practically, and various regions are still in the stage of exploring and accommodating the auditing in their own ways, which has lead to diversified and largely differing auditing methods. Besides, there are still many internal and external factors restricting the development of auditing, plus large gap with the international practices. This also contributes to the large gap between the western regions and the eastern regions on auditing administration, which has caused a range of problems in infrastructure investment auditing and affected seriously the development of China's investment auditing. On that basis, this article intends to find out an effective mode of auditing administration adaptable to the situations in China, especially its western regions.Firstly, this article summarizes the history and present conditions of the domestic and overseas practices in infrastructure investment auditing, points out the deficiencies of China in the field, and analyzes the factors restricting the development of auditing from the aspects of auditing culture, auditing system, auditing-related laws and regulations as well as auditing administration theory. Then, it discusses the relation and functioning mechanism between investment auditing and supervision and efficient operation of state-owned assets, presents the recommendations and countermeasures for improving the infrastructure investment auditing, and discusses on executing the auditing mode of construction project profit tracking. Finally, based on the successful experiences of Shenzhen and Shangyu (Zhejiang Province) in infrastructure investment auditing administration, it analyzes the problems existing in Shapingba District related to investment auditing administration and the lessens drawn from the advanced domestic auditing modes, and discusses on how to improve the auditing work in Shapingba District in the aspects of organizational structure, personnel control, policy support and environmental change, so as to establish a mode of investment auditing adaptable to the specific conditions in Shapingba District, and thus demonstrate the effects of auditing in promoting regional economy and social welfare.