Source: Prism (ID: lengjing_qqfinance), Wall Street Journalist
Author |邬 川
The stock market, in which the IPO is still being approved, is no more important and interesting than the one responsible for reviewing the issue. With regard to equity financing, the choice of the audit committee will be the largest regulatory variable before the registration system.
On the night of November 27th, the boots finally fell. The list of members of the 18th Audit Committee was announced on the CSRC's official website (attached). The members of the 17th audit committee had been present for 3 months. However, according to current progress, the last session of the Audit Committee will continue until mid-December to complete the change.
A current member of the Tencent Audit Committee said that the key element of the list is that the proportion of intermediaries is higher. In his opinion, the signal from the regulator is that future audit activities will focus on compliance and disclosure, and financial indicators, such as net profit, will be different.
A person close to CSRC found that the re-election of the audit committee was supported by President Liu Shiyu, and the structural changes in the audit committee were part of the IPO reform, but the audit concept and the main lines continued to be the responsibility of the CSRC.
The capital market still has a lot of support systems that will not go away. For example, the shutdown system is still not perfect, upper-level laws need to be reviewed and class-based litigation is not supported. "He said that the IPO reform should be easy and difficult. Stop the road.
The proportion of mediators has grown, earning only 200,000 yuan a year.
A total of 53 candidates were selected for this year's list, of which 25 were from the CSRC and Shanghai and Shenzhen Stock Exchanges, 15 from accounting firms and 13 from law firms.
It is worth mentioning that the proportion of intermediaries is more than half. 17. The audit committee consists of only 38% of the mediators, of which only 4 are accounting firms, 5 are from law firms, and even less among full-time members.
At the same time, compared with the previous audit commissions, the sources of brokers in this list of candidates are more focused and targeted only to accounting firms and law firms, valuation bodies, realtors, fund companies, colleges and universities. Other institutions are excluded.
Tencent Prism was an exclusive report on September 14 this year, the members of the audit committee are to be removed part-time and the proportion of professional members of intermediary managers will be increased.
Yesterday evening, the CSRC issued a "Decision to amend the measures of the Chinese Securities Regulatory Commission to release the audit committee" and publicly requested opinions. One of them was to reduce the number of court commissions from 66 to 35 and at the same time cancel. Some members may have full time rules.
This means that 18 of the 53 candidates must be eliminated and the members of the committee will be full time.
At the same time, the question of the outside world is how much money you can earn as a full-time audit committee? As half of the participants used to be heads of intermediate bodies.
The aforementioned current audit committee said Tencent Prisma that the full-time member's annual salary after tax is 200,000 yuan, part-time salaries are flat-rate, and the project can receive 300 yuan.
Participants from intermediaries, when they are full-time, must stop their practice in the original unit. Compared to previous incomes, full time member salary is very low.
However, a former lawyer from a law firm said that the possibility of being elected to the Audit Committee is a great honor to point out the status and professional level of the industry. "Even if the money is small, everyone wants it."
How is the list of candidates selected? Compliance audit is expected
Where do 53 candidate lists come from?
The aforementioned current audit committee said Tencent Prisma that in general CSRC will notify all relevant industry associations to start the registration process in September and October. Then, in view of the volume of transactions in securities, the association allows key intermediaries to register. "The brokerage agencies checked and submitted the list to the association. After the industry association's main election, CSRC will complete the list."
Many brokerage investment bankers said that an increase in the number of intermediaries would bring more market power and expects the new audit committee to focus on compliance and trust rather than just net profits and other financial indicators.
The investment institution believes that an increase in the number of intermediaries still increases the window to view the company's financial data. When looking at the old data, it is still necessary to reform the audit concept and assess the future. "The strength of the meeting is still strong."
In this view, the above-mentioned review committee does not agree. He believes that the global capital market, which lists audits on compliance testing and disclosure monitoring. "Increasing the number of intermediaries will undoubtedly meet and trust, and will encourage the public to do better." No one is more familiar with rules than accountants and lawyers.
In response to the suspicion that the audit committee switched the old data, he discovered that CSRC's audit focused on the company's historical development, as the history of Chinese companies is complicated and the company's system is relatively short. "Company law was created only in the 1990s. That is why the CSRC's request to verify the company's history is understandable."
He also stressed that investors need to make a voice when they return to the community to value the value of "it would be a reopening of the IPO review process."
IPO blocked lake barriers, part-time actors quit the scene
Another issue is the fact that the new session of the Audit Committee abolished part-time members?
The aforementioned audit committee revealed that this is the same as the decrease in the number of audit committees.
"As the net profit has increased, many line companies have abandoned, and the phenomenon of an IPO barrier lake has diminished." As soon as the number of unfinished projects is reduced, it does not require so much membership and full-time membership capacity utilization is not saturated. Part-time members are required, secondly, to manage too many members of the committee, and convert the accounting office, the law firm and the securities monitoring system to strong business ability to work full-time.
According to Tencent's Prism statistics, only 42 out of 63 of the 17th sessions participated in the report, while the remaining 21 part-time members did not participate.
Most of the former part-time members came from the National Development and Reform Commission, taxation, fund companies, brokerage companies, universities and other institutions "designed to supplement full-time ehelon members."
He also pointed out that former part-time members are not familiar with the rules. For example, the NDRC is more informed about industrial logic, the university is known for the theory, and some fund companies are more valued for investment. Of the 17th part time member of the Committee, They seem to have furniture.
He found that the number of part-time members who participated earlier in the trial was less. "Full-time members open four or five court proceedings, and part-time members open a court session."
Therefore, based on the assumption that the current IPO queue situation is significantly reduced, full-time members of the committee can cover the current rhythm of the trial and are objectively no longer part-time members.
Annex: List of candidates for the 18th Audit Committee
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