Annual Report by a Registered Investment Company — Form N-CEN
Filing Table of Contents
Document/Exhibit Description Pages Size
1: N-CEN Annual Report by a Registered Investment Company HTML 23K
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3: INTERNAL CONTROL RPT Internal Control Report 2± 10K
2: LEGAL PROCEEDINGS Legal Proceedings 2± 8K
4: MATERIAL AMENDMENTS Material Amendment 17± 70K
INTERNAL CONTROL RPT — Internal Control Report
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors
The China Fund, Inc.
Boston, Massachusetts
In planning and performing our audit of the financial
statements of The China Fund, Inc. (the "Fund") as of
and for the year ended October 31, 2018, in accordance
with the standards of the Public Company Accounting
Oversight Board (United States), we considered its
internal control over financial reporting, including
control activities for safeguarding securities, as a basis
for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to
comply with the requirements of Form N-CEN, but not
for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such
opinion.
The management of the Fund is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required to
assess the expected benefits and related costs of controls.
A company's internal control over financial reporting is
a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes
in accordance with accounting principles generally
accepted in the United States of America. Such internal
control includes policies and procedures that provide
reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition
of a company's assets that could have a material effect
on the financial statements.
Because of inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
A control deficiency exists when the design or operation
of a control does not allow management or employees,
in the normal course of performing their assigned
functions, to prevent or detect misstatements on a timely
basis. A significant deficiency is a control deficiency,
or combination of control deficiencies, that adversely
affects the company's ability to initiate, authorize,
record, process or report financial data reliably in
accordance with accounting principles generally
accepted in the United States of America such that there
is more than a remote likelihood that a misstatement of
the company's annual or interim financial statements
that is more than inconsequential will not be prevented
or detected. A material weakness is a significant
deficiency, or combination of significant deficiencies,
that results in more than a remote likelihood that a
material misstatement of the annual or interim financial
statements will not be prevented or detected.
To the Shareholders and Board of Directors
The China Fund, Inc.
Page Two
Our consideration of the Fund's internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be
significant deficiencies or material weaknesses under
standards established by the Public Company
Accounting Oversight Board (United States). However,
we noted no deficiencies in the Fund's internal control
over financial reporting and its operation, including
controls for safeguarding securities, which we consider
to be material weaknesses, as defined above, as of
October 31, 2018.
This report is intended solely for the information and use
of management, Shareholders and Board of Directors of
the Fund and the Securities and Exchange Commission,
and is not intended to be and should not be used by
anyone other than these specified parties.
/s/TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
December 20, 2018
Dates Referenced Herein and Documents Incorporated by Reference
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