Notice of RetractionComparison of hiring accounting firms between sino and foreign banks

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

The aim of this paper is to give suggestions to the “Notice of Several Opinions for Accelerating the Development of China´s CPA Industry”. The notice raised objectives in five years. At present, there are some gaps to the objectives. In order to make clear the gaps and then give suggestions, this paper selects China´s 14 listed banks and 19 among the 30 foreign biggest banks to compare the difference of hiring accounting Arms between China´s and foreign banks by using their annual reports disclosures. We use descriptive figures and ANOVA tests to mining the data. We found that in the process of hiring auditors, foreign commercial banks emphasize more on the role of audit committee or equivalent authority; The auditing fees of foreign banks are much higher than that of China´s commercial banks; Foreign banks use significantly more non-audit services than China´s banks. This paper then proposes some suggestions according to the “Notice of Several Opinions for Accelerating the Development of China´s CPA Industry”, such as stressing the role of audit committee, educating the users of auditing service, and promoting and standardizing the use of non-auditing services.