Xinpi supervises strict "wonderful" annual reports
Our reporter Zhou Lin
Recently, Zhaoxin, an A-share listed company, disclosed its 2019 annual report. Zhongqin Wanxin Certified Public Accountants (Special General Partnership) issued an audit report that could not express an opinion and an internal control assurance report that rejected the opinion. It is worth mentioning that the company mentioned in the opening report of its annual report that the company's five directors, three supervisors and four senior managers all declare that they cannot guarantee the truthfulness, accuracy and completeness of the company's annual report.
Such a "wonderful" annual report is not the first one this year, but compared with previous years, such "wonderful" annual reports are significantly reduced.
Overall, compared with the 2018 annual report, the A-share listed company's 2019 annual report disclosure has three characteristics: First, benefiting from the implementation of the new securities law and regulatory authorities 'disclosure requirements for listed companies' annual reports, the number of "wonderful" annual reports has decreased significantly this year; Second, due to the impact of the New Coronary Pneumonia epidemic, some listed companies have delayed the disclosure of their annual reports. According to relevant regulations, April 30 of each year is generally the deadline for the disclosure of the annual reports of listed companies. However, since this year, the epidemic has affected the work of auditing and financial investigations of many listed companies. According to incomplete statistics of Wind Information, as of April 27, 609 listed companies have issued an announcement to postpone the disclosure of the 2019 performance date. Among them, the related listed companies and the annual report audit institutions have not been fully resumed due to the impact of the epidemic situation is one of the important factors; Third, the supervision of “intermediary agencies” for the accounting work of annual reports has been significantly strengthened.
According to the Chinese Institute of Certified Public Accountants, after the outbreak, the firm's audit of the 2019 annual report has been significantly affected. The Chinese Institute of Certified Public Accountants is in close communication with relevant departments, and has written to the relevant departments, requesting to study the annual report to disclose the issue of extension.
Since the formal implementation of the new securities law on March 1, the reform of the new share issuance registration system has been steadily advancing, and the regulatory system that uses information disclosure as a "hand in hand" has gradually improved. Industry insiders said that the changes in the new securities law on information disclosure have the following aspects: First, the scope of the main body of information disclosure was expanded from "issuers and listed companies" to "issuers and laws, administrative regulations and regulations of the State Council's securities regulatory authority" Other information disclosure obligor "; the second is to redefine the standards of information disclosure, and on the basis of the" true, accurate and complete "information disclosure requirements, the issue document proposed that" should fully disclose investors to make value judgments and investment decisions. New requirements for “essential information”, new requirements such as “timely”, “clear and clear” and “easy to understand” are added to general information disclosure; the third is to expand the scope of temporary announcement of major events, and to “significant events that may affect the price of stock transactions” It has been supplemented and improved, and new regulations have been added when listed companies have "significant investment behaviors."
In addition to the legal punishment for the rectification of the "Fantastic" annual report and the alleged violation of the annual report, delisting is also one of the necessary barriers to regulate the disclosure of A shares. In the history of A shares, there were listed companies that were forced to delist due to violations of major information disclosure laws, namely, Zhuhai Boyuan Investment Co., Ltd. in 2016 and Jiangsu Yabate Technology Co., Ltd. in 2018.
Liu Jipeng, Dean of the School of Business of China University of Political Science and Law, said that in essence, the securities market is an information market. Improving the information disclosure system and improving the status of unfair transactions in the market have important practical significance for regulating the operation of listed companies, safeguarding the legitimate rights and interests of investors, especially small and medium investors, and maintaining market openness, fairness, and justice. The newly-disclosed information disclosure standards of the new securities law, the scope of newly added major events, and the newly added voluntary disclosure regulations all put forward more detailed and strict requirements on the information disclosure work of information disclosure obligors, which has improved the regular financial performance of listed companies. The degree of standardization of the report.
Zhou Lin