The Chinese Institute of Certified Public Accountants (CICPA) hired the Assocaition of Chartered Certified Association (ACCA) to train university accounting teachers, in order to combat the shortage of accounting expertise in China, FTChinese.com reported.   Headquartered in England, ACCA is going to train 35 accounting teachers from 22 Mainland universities this summer. The 7600 students in these 22 universities are learning to be certified accountants. Certified accountant system on graduate level was established in 1994.   Since English training is the core of the program, the trainers are going to train the teachers in English to equip them the necessary business English skills.   This cooperation shows China’s further efforts in solving the lack of quality accounting expertise. In May, CICPA signed an agreement with The Institute of Chartered Accountants in England and Wales (ICAEW) to train China’s certified accountants and elite students. It is the first time the Chinese accountancy profession will have access to the ACA qualification and also an important step towards the profession’s development.   With rapid economic development, the need to tighten accounting and auditing standard has become urgent. China strives provide more qualified accountants to perform trustworthy accounting and auditing that will benefit the development of the capital market and help Chinese companies to seek overseas listing.   The Ministry of Finance announced in February a whole set of accounting standard, revised according to the International Financial Reporting Standard (IFRS). Starting 2007, all public listed companies in China need to have their financial statements drafted according to this new set of rules.