Shanghai Stock Exchange strengthens the supervision of Accountants selection, employment, credit and public service to ensure the entrance of gatekeepers

category:Finance
 Shanghai Stock Exchange strengthens the supervision of Accountants selection, employment, credit and public service to ensure the entrance of gatekeepers


After the implementation of the new securities law, the format guidance fully pays attention to the major changes in the dual filing system of accounting firms engaged in securities services and the relatively more independent choice space for listed companies. Through the detailed disclosure requirements of the proposed appointment of accounting firms, the reasons for the change of accounting affairs, the corresponding decision-making procedures and supervision responsibilities, it further Improve the standardization and effectiveness of relevant information disclosure, fully disclose the possible audit risks for investors to make rational decisions.

First, the disclosure requirements of the basic information of the accounting firm are detailed. The basic information of the accounting firm to be appointed is the basic element for investors to judge the professional ability, integrity level and audit risk of the accounting firm.

Secondly, strengthen the disclosure of the reasons for the change of accounting firms. The background of the accounting firm to be changed is the key for investors to judge the motivation and rationality of the change.

Third, the corresponding decision-making procedures and supervision responsibilities should be clarified. According to the company law, the Listing Rules of shares and other relevant requirements, the listed company shall perform the corresponding review procedures such as the board of directors and the general meeting of shareholders to hire or dismiss the accounting firm. In this regard, the format guidance requires to disclose the deliberation and voting of the board of directors of the company, and requires independent directors to express independent opinions. At the same time, as an important participant in the governance of listed companies, audit committee plays an indispensable role in the financial information disclosure and the supervision of internal control process.

Relevant persons of the Shanghai Stock Exchange said that the next step would be to strictly implement the format guidance, urge listed companies to fully disclose the professional qualifications and abilities of accounting firms, and prudently select and replace accounting firms in combination with their own actual situation. At the same time, based on information disclosure, guide the accounting firms to be diligent and conscientious, fully assess the audit risks in combination with their own competence, effectively play the role of gatekeeper in the capital market through the improvement of audit quality, and jointly promote the improvement of financial information disclosure quality of listed companies.

Source: responsible editor of Securities Daily: Zhong Qiming, nf5619