Even After 3,000 Years, China’s National Audit Office Finds Much Fraud

As early as the Western Zhou Dynasty, about 3,000 years ago, China established an official position named Zaifu to perform audits. That position is regarded as a rudimentary form of auditing in China. Fast forward to today:  As reported now in an article by David Barboza for the Times, China’s National Audit Office has found that “Chinese officials misused or embezzled about $35 billion in government money in the first 11 months of the year.”

That's a lot of fraud!

The Times article is available online at http://www.nytimes.com/2009/12/30/world/asia/30fraud.html?_r=1&hp. And the NAO’s Web site is at http://www.cnao.gov.cn/main/index.htm.