重磅|中國業務為主的在美上市公司面臨更嚴格的審計資訊批露要求

2018年12月11日 10:57
来源:香港奇点财经Singularity Financial

當地時間12月7日,SEC和PCAOB(美國公眾公司會計監管委員會)發布聲明——《關於審計質量和監管獲取審計和其他國際資訊的重要作用聲明——關於在中國有大量業務的美國上市公司當前資訊獲取的挑戰討論》。

與該文件相對應,PCAOB網站已經詳細列出了遭遇審計障礙的上市公司名單及其審計機構,大量中國內地、香港、比利時公司在列。

該聲明認為,這可能導致中國上市公司在美國融資時遭遇更多的風險定價補償要求,或者被監管當局施以更嚴格的信披要求、施加更多的新證券發行限制。對於尋求在美國發展及融資的中國公司而言,構成巨大風險和挑戰。

跨國公司的外部審計需要全球協調

External Audits of Multinational Companies Require Global Coordination

跨國公司必須遵守其開展經營和進行活動國家的財務報告義務,同時必須編制包括其全球金融交易和項目的合並財務報表。公司履行報告義關鍵是公司外部審計師的工作因此,外部審計公司必須能夠在全球範圍內協調其審計服務。

A multinational company must comply with financial reporting obligations in many of the countries in which it has operations and activities, and it must prepare consolidated financial statements that include its financial transactions and events worldwide.  Critical to a company』s compliance with these financial reporting obligations is the work of the company』s external auditor.  Accordingly, an external audit firm must be able to conduct or coordinate the delivery of its audit services on a worldwide basis.

其中最大的審計業務是通過全球網路和個別公司的其它附屬機構進行協調的。個別公司會受到基於管轄權的所有權,許可,註冊和其他監管要求的約束。

The largest of these audits are conducted or coordinated through global networks and other affiliations of individual firms.  The individual firms are subject to jurisdiction-based ownership, licensing, registration, and other regulatory requirements, even as they draw on, for example, globally common technologies, tools, methodologies, training, and quality assurance monitoring.

公司合並財務報表的審計報告通常只由審計公司全球網路中的一家公司簽署。對於在美國上市的公司,必須向PCAOB提交的公開披露表格使投資者和其他人能夠確定其它公司(包括通過全球網路聯繫的公司)是否參與了審計,並確定參與的程度如何。

The auditor』s report for a company』s consolidated financial statements is typically signed by only one firm in the audit firm』s global network.  For U.S.-listed companies, publicly available disclosure forms filed with the PCAOB enable investors and others to identify whether other firms, including firms affiliated through a global network, participated in the audit and, when certain thresholds are met, the extent of their participation.

監管國際財務報告和審計需要大型的跨境監管合作

Regulatory Oversight of International Financial Reporting and Auditing Requires Significant Cross-Border Regulatory Cooperation

當今全球業務和審計環境的現實推動了監管合作,就像它推動基於司法管轄區的審計公司形成網路和其他附屬機構一樣。簡而言之,要使監管有效,全球管機構必須共同努力。因為全球證券和審計監管機構都肩負著保護投資者和培育市場誠信的共同使命。就跨國公司而言,如果主要監管機構(通常是主要上市國)的工作受到國界的限制,就不可能履行這一至關重要的職能。

The reality of today』s global business and audit environment drives regulatory cooperation, in much the same way as it has driven jurisdiction-based audit firms to form networks and other affiliations.  In short, for oversight to be effective, regulators around the globe must work together.  This makes sense as the world』s securities and audit regulators share a common mission to protect investors and foster market integrity.  In the case of multinational companies, fulfilling this all-important function is not possible if the work of the principal regulators—typically the country or countries with the primary listings—is limited by national borders.

美國資本市場的主要監管者對國際財務報告和審計的態度多方面的

The Approach of the Principal U.S. Capital Markets Regulators to International Financial Reporting and Auditing is Multifaceted

SEC的三個任務是保護投資者,維護公平,有序和有效的市場促進資本形成。SEC通過管理和強制要求上市公司基金和經紀自營商向投資者提供經審計的財務報表等職責來實現其使命。作為全球最大證券市場的主要監管機構,管理和執行可靠財務報告的要求需要SEC參與許多超出美國邊界的命題。

The SEC』s three-part mission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.  The SEC advances its mission by, among other responsibilities, administering and enforcing requirements for public companies, funds, and broker-dealers to provide audited financial statements to investors.  As the primary regulator of the world』s largest securities markets, administering and enforcing the requirements for reliable financial reporting requires the SEC to be engaged in many topics that extend beyond the U.S. borders.

事實上,國際資本投資的流動不僅給美國上市公司和經濟利益帶來了挑戰,而且也給SEC在全球財務報告中保護透明度和問責制的努力帶來了挑戰。

Indeed, the flow of international capital investment presents challenges, not just for U.S.-listed companies and economic interests, but also for the SEC』s efforts to protect transparency and accountability in financial reporting globally.  Protecting transparency and accountability in financial reporting is vital.

SEC會負責監督PCAOB,後者負責監管上市公司和在SEC註冊的經紀人和交易商的審計工作。美國法律要求PCAOB對所有發布此類審計報告或在編制報告中發揮重要作用的註冊會計師事務所(包括國內和國外)進行定期檢查。這檢查旨在通過確保審計公司遵守PCAOB等標準來保護美國公共資本市場的投資者。

The SEC oversees the PCAOB, which, in turn, is the principal U.S. regulator that oversees the audits of public companies and SEC-registered brokers and dealers.  The PCAOB is required by U.S. law to conduct regular inspections of all registered public accounting firms, both domestic and foreign, that issue such audit reports or play a substantial role in the preparation of them.  These inspections seek to protect investors in the U.S. public capital markets by ensuring that audit firms adhere to, among other things, PCAOB standards.

PCAOB在全球範圍內對PCAOB註冊的公司進行檢査,並在美國之外50個不同的司法管轄區對在PCAOB註冊的公司進行檢查。對於在國外註冊的會計師事務所PCAOB與美國以外的審計監管機構進行廣泛的密切合作。

The PCAOB conducts inspections of PCAOB-registered firms across the globe and has inspected PCAOB-registered firms in 50 different non-U.S. jurisdictions.  With respect to foreign-registered public accounting firms, the PCAOB cooperates closely with audit regulators outside the United States, and the scope of that cooperation is extensive.

來自跨境協作的一個例子,是PCAOB在獨立審計監管機構國際討論版(IFIAR)的活躍成員該討論版由來自世界各地的53個獨立審計監管機構組成。

An example of this cross-border collaboration and cooperation is the PCAOB』s active membership in the International Forum of Independent Audit Regulators (IFIAR), which consists of 53 independent audit regulators from around the world.

解決對獲取資訊和審計檢査的特定國家的限制條件是一項複雜的任務

Addressing Country-Specific Restrictions on Access to Information and Auditor Inspections is a Complex Task that Requires Extensive Cooperation and Ongoing Attention

影嚮美國資本市場監管機構監管責任的一個重要問題涉及外國隱私和其他數據保護法,這些法律對跨境資訊共享產生重大影嚮。許多國家的法律,包括封鎖法規和數據保護,隱私,保密銀行保密,國家保密和國家安全法律,都是為了實現國家目標而制定的。但它們也經常為監管機構和境外註冊者之間的跨境資訊流動制造障礙,因此,使履行管理職責的能力複雜化,在某些情況下甚至受到妨礙。

An important issue affecting the oversight responsibilities of U.S. capital markets regulators involves foreign privacy and other data protection laws, which significantly impact cross-border information sharing.  Various countries』 laws, including blocking statutes and data protection, privacy, confidentiality, bank secrecy, state secrecy, and national security laws, are designed to achieve national objectives.  But they also frequently create obstacles to cross-border flows of information between regulators and foreign-domiciled registrants, thus complicating, and in some instances impeding, the ability to carry out regulatory responsibilities.

對PCAOB審計檢査限制的另一個重大挑戰是關於PCAOB審計檢查和資訊的相關法規使用PCAOB目前僅限於在該國對在PCAOB註冊的公司(包括香港在內,就其審計客戶在該國開展業務方面來講)。PCAOB一直致力於增加對該國審計工作文件的訪問,但進展緩慢,仍無法確定一個令人滿意的解決方案。

Another significant challenge is with regard to PCAOB audit inspections and the related regulatory uses of the information.  The PCAOB is currently restricted from inspecting audit work and practices of PCAOB-registered firms in China (including Hong Kong, to the extent their audit clients have operations in China).  The PCAOB has worked to increase its access to China』s audit work papers, but progress has been slow and satisfactory resolution remains uncertain.

如果PCAOB無法對在美國上市的外國公司進行審核,那麼這些公司的投資者就無法獲得PCAOB檢查可帶來的切實的提高質量的好處為了更好地告知投資者PCAOB無法在某些司法管轄區進行檢查。

Where the PCAOB is not able to conduct inspections of audits of foreign-based companies listed in the U.S., investors in these companies do not receive the tangible, quality-enhancing benefits that can result from PCAOB inspections.

監管機構改善資訊獲取和審計檢查尚未取得令人滿意的進展

Efforts with Chinese Regulators to Improve Information Access and Audit Inspections are Ongoing but We Have Not Yet Made Satisfactory Progress  

雖然資訊障礙在多個司法管轄區內仍然存在,但上述討論的關於該國的這些問題的解決對投資者來說是最重要的。SEC和PCAOB近矩來一直尋求與該國官員和監管機構進行建設性對話,強調投資者保護的重要性以及財務報告審計服務的質量。盡管做出了這些努力,我們尚未取得令人滿意的進展。

While information barriers certainly continue to exist in multiple jurisdictions, we believe the resolution of these issues discussed above with China is of the most significance to investors.  The SEC and the PCAOB have sought constructive dialogues with Chinese officials and regulators over recent years, emphasizing the importance of investor protection and the quality of financial reporting and audit services.  Despite these efforts, we have not yet made satisfactory progress.

當前主要目標是與該國當局達成一定程度的合作:(1)尊重該國和美國的主權:(使SEC和PCAOB能夠及時獲得進行調查或檢查所需的資訊。

Our principal goal is to achieve a level of cooperation with the Chinese authorities that both (1) respects Chinese and U.S. sovereignty, and (2) enables the SEC and PCAOB to have timely access to the information necessary to conduct investigations or inspections.

迄今未能與相關當局實現這種程度的監管合作,引發了一些投資者保護和一般監管問題。

The inability to date to achieve this level of regulatory cooperation with Chinese authorities raises a number of investor protection and general oversight issues.

長期以來,美國股市一直對外國公司具有吸引力,因為美國股市的效性,以及品牌提升和知名度提高帶來的潛在好處。許多該國公司,以及在該國擁有重要業務的公司都在尋求這些好處,這些好處的驅動因素包括美國實施以及監管和強制執行。

The U.S. stock markets have long been attractive to foreign companies because of their efficiency and liquidity as well as the potential benefits offered in the form of brand-name enhancement and increased visibility.  Many China-based companies, and companies that have significant operations in China, have sought these benefits.  The factors driving these benefits include the application of U.S. disclosure requirements as well as regulatory oversight and enforcement.

當前重要的是要認識到PCAOB檢查和SEC監管活動,不僅有助於提高被檢查的外國審計師的美國上市客戶的審計質量,也提供了惠及這些這些審計人員沒有在美國上市的外國客戶的可能。換句話說,專註於美國上市公司審計工作的PCAOB檢查程序可能會促使主要審計公司改善其美國公司方面的工作。

We believe it also is important to recognize that PCAOB inspections and SEC regulatory activities not only help to improve audit quality for the inspected foreign auditors』 U.S. listed clients, but also provide benefits that may spread to these auditors』 non-U.S.-listed foreign public clients. Said another way, the PCAOB inspection process that focuses on audits of U.S.-listed companies may drive the subject audit firm to improve its work in respect of companies that are not U.S.-listed

參考鏈接:https://www.sec.gov/news/public-statement/statement-vital-role-audit-quality-and-regulatory-access-audit-and-other