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The characteristics of the new audit committee are obvious. The IPO audit transparency will be improved.

February 11, 2019 00:04
Author: Left Yonggang

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Recently, with the emergence of 21 members of the Audit Committee, the 18th Audit Committee will soon begin to perform its duties. The revised "China Securities Regulatory Commission Issue Review Committee Measures" is also expected to be officially implemented in the near future.

In September 2018, the CSRC initiated the re-election of the Audit Committee and publicly solicited opinions on the revision of the Measures of the China Securities Regulatory Commission on the Issuance of the Audit Committee. The revision is mainly to reduce the number of members of the Audit Committee, with full-time members. , to enhance the consistency and transparency of the review process, in addition to allowing members to participate in the preliminary review meeting.

In the final list of the 18th Audit Committee, there are 1 from the CSRC, 9 from the local Securities Regulatory Bureau, 3 from the Shenzhen Stock Exchange, 5 from the Law Firm, and 3 from the accounting firm, totaling 21 people.

The sponsors and law firm recently interviewed by the Securities Daily reporter said that from a multi-faceted perspective, the 18th session of the Audit Committee will continue the characteristics of strict review, and the members of the Audit Committee are mainly supervised by the regulatory system and law firms. The composition will pay more attention to the normativeness of the issuer's governance, compliance and the adequacy of information disclosure, and the transparency of the review will be further enhanced.

Some intermediaries analyzed that some subtle changes can be seen from the composition of the committee.BrokerPeople are not short-listed or have accumulated experience for the long-term registration system; members from the regulatory level and law firms and accounting firms will pay more attention to the issuer's normativeness, paying particular attention to the issuer's violation of laws and regulations and information disclosure. Normative; no relevant personnel on the Shanghai Stock Exchange were selected for the 18th session of the Audit Committee, mainly to vacate the auditors for the Science and Technology Board.

According to the "Securities Daily" reporters, since the 17th session of the Audit Committee, the IPO audit has become more comprehensive and strict, and the audit of related issues such as issuer related party transactions, horizontal competition, major violations of laws and regulations, litigation matters, and environmental risks has become more in-depth and strict.

For example, in the recent two trials, the 17th Audit Committee has raised issues concerning related party transactions, insufficient social security contributions, and related patent litigation, and asked the issuer to make full disclosures. In the end, Xinli Optoelectronics Co., Ltd. failed to meet.

In fact, the proposed listing of the stock exchange committee of the Shanghai Stock Exchange and the 18th session of the Board of Auditors has certain similarities. For example, the board of directors of the board of directors has a certain number of law firms and accounting firms. At the 18th session, there were 5 people from the law firm and 3 from the accounting firm. The review meeting of the Science and Technology Board Listing Committee required at least one legal and accounting expert to participate. At the same time, the members of the Listing Committee are familiar with the relevant business of stock issuance and listing and related securities laws, administrative regulations, departmental rules and business rules of the Shanghai Stock Exchange.

The industry generally believes that the audit of the 18th session will focus more on the issuer's compliance and governance norms, and from the perspective of information disclosure sufficiency, consistency and comprehensibility, the issuer's information disclosure will be carried out. Strict review. In combination with the purpose of high-quality development of the capital market service economy, it is expected that on the basis of strict implementation of statutory standards and strict audits, the audit committee will give certain inclination to the science and technology enterprises that meet the national industry requirements.

According to the latest statistics released by the CSRC, the China Securities Regulatory Commission accepts 285 companies that have issued and issued depositary receipts, of which 26 have already passed, and 259 have not. There were 249 companies in the enterprise that had not been reviewed, and 10 companies were suspended.

(Article source: Securities Daily)

                (Editor: DF392)

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