Welcome to free paper download website

Reflection and Countermeasures of the audit committees of listed companies in Jiangsu Province

Author: JiangSuZuo From: www.yourpaper.net Posted: 2010-04-04 02:51:58 Read:
[Abstract] in campaigns for corporate governance activities in 2007, the China Securities Regulatory Commission, Jiangsu Province, listed companies disclosed many of the problems of the Audit Committee, and affect the quality of listed companies. In order to regulate the operation of the listed company's audit committee, the author, based on the analysis of its problems, and put forward countermeasures to standardize the operation of the Audit Committee.
[Words] listed companies in Jiangsu Province; Audit Committee; reflection; countermeasures

First, the audit committee of listed companies in Jiangsu Province, the problems

In 2007, Jiangsu Province Securities Regulatory Bureau to implement the "notice" of the China Securities Regulatory Commission on matters related to activities intended to strengthen governance activities of listed companies, and campaigns for corporate governance activities. All listed companies in the online disclosure the the rectification report "on strengthening the governance activities of listed companies. The Jiangsu Province confirmation of listed companies to 117. One of them has been canceled in accordance with the law. Two undisclosed "the rectification report" on the strengthening of the governance activities of listed companies listed in July 2008, the final confirmation of the operation of the Audit Committee of Jiangsu Province of listed companies to 114.
(A), Jiangsu Province, is not set to the audit committee and the audit committee is not functioning properly, many listed companies
The Audit Committee does not have a listed company in Jiangsu Province in the A-share listed 114 companies, 37, accounted for 32.5% of all listed companies. See in particular Schedule 1.
Jiangsu Province in the A-share listed 114 companies, the Audit Committee is not the normal operation of listed companies to 33, accounting for 28.9% of all listed companies. Mentioned here "not functioning", "work is not independent expand" not formal operation, no substantive operation, "the operation is not normalization" and "not yet convened meeting". See in particular Schedule 2.
Set up audit committees of listed companies in Jiangsu Province in the A-share listed 114 companies, not 37, the Audit Committee is not the normal operation of listed companies to 33, a total of 70, accounting for 61.4% of all listed companies. For details, see Table 3.
As can be seen from Table 3, the Jiangsu Province in the A-share listed not Let not the normal operation of the audit committee and the audit committee of listed companies in 2003 accounted for 92.3%, and 91.6% in 1997. 2006 accounted for 80% and accounted for 75% in 1993, 66.7% in 2004, 66.7% in 2005, 66.7% in 2008, 62.5% in 1999, 50% in 1998, 50% in 2001, 2007 accounted for 50%, and 375% in 2000. 36.4% in 1996 to 33.3% in 2002 and 1994 accounted for 20%, and 0% in 1995.

(B) The Audit Committee of Jiangsu Province, the settings are not standardized many problems
1 Chief Financial Officer (chief accountant) served as a member of the Audit Committee
From the analysis of the data we collect, the Chief Financial Officer (chief accountant) served as a member of the Audit Committee of 18 listed companies, accounting for 15.8% of the entire listed company's audit committee.
It should be pointed out, Huaxi Village has been aware of the problem and made corrections, the company "third twenty-first bulletin board resolution" and the fourth first announcement of the resolutions of the Board of Directors' disclosure of the Chief Financial Officer for the audit committee members, but released on March 9, 2009, the fourth of the ninth of the Board resolution Notice consideration by the candidates on the adjustment of the Audit Committee of the Board of Directors of the motion. The motion to amend as follows: "In view of Mr. XXX as the Chief Financial Officer of the Company, and is not suitable to serve as a member of the company's audit committee, now a member of the Audit Committee Member adjusted for YYY served." Unfortunately, the other 17 have not yet adjust.
2 a member of the Audit Committee of independent directors accounting professionals
Analysis from the data we collected, a member of the Audit Committee of independent directors. There are five listed companies with accounting professionals, accounting for 4.39% of the entire listed company's audit committee.
3 Audit Committee of independent directors is not the majority
From the analysis of the information we collect, audit committee, independent directors did the majority of the total of eight listed companies, accounting for 7.02% of the entire listed company's audit committee. The good news is that there are three in eight listed companies in Jiangsu Securities Regulatory Bureau campaigns for corporate governance activities have been adjusted, including two in 2008, one in 2009.
4 University working mainly university-level leadership as an independent director, and some still a member of the Audit Committee
Analysis of the information we collect, University serving a total of six major university-level leadership as an independent director of listed companies, accounting for 5.26% of the entire listed company's audit committee.
September 30, 2004, released by the Ministry of Education party "on the tuition members and leading cadres of self-discipline" the six are not allowed to the notice required under the provisions of Article: "The principal leaders are not allowed to serve as the operating entity independent Director. "" The above provisions, other colleges and universities can be implemented by reference. "the most famous of the two major university-level leadership of the Jiangsu Province after the release of the" notice "have resigned from the independent directorship.
5 independent directors extended the performance of their duties, the Audit Committee is not timely update
Disclosure in a listed company, "2007 Annual Report", two independent directors from September 2000 and June 2001, respectively, as the two independent directors to the election of 2009, significantly more than the six-year term of the Securities Regulatory Commission, which as independent directors in June 2001 as a member of the Audit Committee.
The operation of the Audit Committee of Jiangsu Province, (c) does not regulate many of the problems
Previously involved in the Jiangsu Province in the A-share listed 114 companies, the Audit Committee is not functioning properly listed companies to 33, accounting for 28.9% of all listed companies. There are also:
An external audit institutions is not proposed by the Chief Financial Officer and the appointment by the Audit Committee, but
A listed company released on May 9, 2008, the 2007 annual shareholders meeting conference materials disclosure: XXX Director for the report as follows: Board the re-appointment of Ernst & Young Da Hua Certified Public Accountants Co., Ltd. as the company's audit agency's motion. " In the 2007 Annual General Meeting Information ":" XXX, 2004 has been serving as the Jiang Su Yongding Co., Ltd. Chief Financial Officer. "
2 audit committee and accounting firm responsible for the coordination of the communication from the Chief Financial Officer of the Company
A listed company released on April 10, 2009, the sixth board of directors first meeting of the announcement by the Rules of Procedure of the Audit Committee of the Board of Directors to modify matters: former Article 15: "The person in charge of the company's financial responsible coordination of the Audit Committee and CPA communication matters. "was revised to" Article 15 The Chief Financial Officer is responsible for the coordination of the audit committee and the accounting firm communication matters. "
Establishment of internal audit function, the Audit Committee with them how to communicate
From the analysis of data collected, the establishment of internal audit institutions, a total of 20 listed companies, accounting for 17.5% of the entire listed company's audit committee.
Internal audit co-located agencies and financial institutions, or by the Chief Financial Officer of leadership rather than the Audit Committee leadership
From the analysis of data collected, internal audit institutions and financial institutions, co-located, or led by the chief financial officer of a total of seven listed companies, accounting for 6.14% of the entire listed company's audit committee.
Establishment of the performance of duties of the Audit Committee Audit Committee has released summary report
According to the disclosure the duty performance summary report of the Audit Committee under the Board's 2007 annual report of a listed company project, the Audit Committee of the Board of Directors of the company submitted to the board of directors on March 5, 2008, "About Jiangsu Notary Certified Public Accountants Co., Ltd. summary report on the 2007 audit. "and the company" 8th meeting of the fourth session of the Board Notice, in the eighth meeting of the fourth session of the Board held on April 17, 2008, before the establishment of the Board of Directors of the Company audit Committee.
In addition, the Notice also shows: the eighth meeting of the Fourth Session of the Board of Directors of the Company held on April 17, 2008 to the means of communication, "but then again Disclosures" site at the same time by the newly elected members of the Committee to discuss elected each special committee chairman cum convener of here, what is the "communication" or "live discussions?
6 audit committee can not be met in accordance with the regulations
 1/2    1 2 Next Last
Please consciously abide by Internet-related policies and regulations.
Tips: Log in to comment, the user name to enter comments directly from your personal space, so that more friends to meet you.

Company Research latest papers

Sponsored Links

Company Research papers Ranking

Latest free papers

Sponsored Links

Top