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專欄 - 中國(guó)會(huì)計(jì)思考

跨境監(jiān)管難題引發(fā)的會(huì)計(jì)戰(zhàn)

鮑大雷 2013年01月29日

鮑大雷博士是北京大學(xué)光華管理學(xué)院的特邀教授,並擔(dān)任IMBA 項(xiàng)目聯(lián)合主任。鮑博士是中國(guó)的會(huì)計(jì)和審計(jì)問題的著名專家。在加入北京大學(xué)之前,他是普華永道會(huì)計(jì)師事務(wù)所在美國(guó),新加坡和中國(guó)的合伙人。其博客網(wǎng)站是www.chinaaccountingblog.com.
東南融通案、卡特彼勒收購(gòu)交易會(huì)計(jì)作弊案、香港標(biāo)準(zhǔn)稅務(wù)案,近來中國(guó)會(huì)計(jì)界風(fēng)波不斷,其中有一個(gè)共同點(diǎn),它們的根源都在于中國(guó)會(huì)計(jì)公司的跨境監(jiān)管問題。由于它遲遲得不到妥善解決,越來越多的中國(guó)海外上市公司、會(huì)計(jì)事務(wù)所,甚至跨國(guó)公司卷入了目前的這場(chǎng)會(huì)計(jì)戰(zhàn)。

????最近,我為Forensic Asia撰寫了一篇題為《會(huì)計(jì)戰(zhàn):中國(guó)的跨國(guó)法規(guī)》(Accounting Wars: Transnational Regulation in China)的文章。該文對(duì)我先前圍繞這一主題所寫的一些文章進(jìn)行了總結(jié)。對(duì)于那些關(guān)注亞洲證券的人來說,我向你們推薦Forensic Asia。

????對(duì)于德勤的要求,美國(guó)證券交易委員會(huì)(SEC)作出的回應(yīng)是:在SEC起訴其他四大會(huì)計(jì)事務(wù)所和德豪會(huì)計(jì)事務(wù)所(BDO)的案件解決之前,涉及東南融通(Longtop)工作底稿的案件也會(huì)繼續(xù)推進(jìn)。SEC指出,這些案件的目標(biāo)各不相同。在東南融通的案件中,SEC要求提供工作底稿。在行政訴訟過程中,SEC謀求譴責(zé)或撤銷公司在SEC執(zhí)業(yè)的權(quán)利(第6頁(yè))。

????一直以來,公司會(huì)計(jì)監(jiān)管委員會(huì)(PCAOB)從未就此事發(fā)布任何信息??ㄌ乇死眨–aterpillar)一案中的慘敗將增加PCAOB解決審核問題的壓力,因?yàn)榇耸嘛@示了中國(guó)所存在的會(huì)計(jì)問題業(yè)已蔓延至跨國(guó)公司??ㄌ乇死瞻讣坪跏潜M職調(diào)查的疏漏,而不是審計(jì)的疏漏。的確,卡特彼勒的審計(jì)方似乎沒有參與交易,而這一點(diǎn)在審計(jì)結(jié)束之前就已經(jīng)鬧得沸沸揚(yáng)揚(yáng)。有報(bào)道稱,四大會(huì)計(jì)事務(wù)所中的兩家公司(而不是卡特彼勒的審計(jì)方)參與了盡職調(diào)查。

????未來幾個(gè)月內(nèi),香港標(biāo)準(zhǔn)水務(wù)有限公司(Standard Water)一案將有望判決。此案中,安永(Ernst & Young)以違反中國(guó)法律為由,拒絕向香港證券和期貨監(jiān)察委員會(huì)(Hong Kong’s Securities and Futures Commission)提交工作底稿。香港標(biāo)準(zhǔn)水務(wù)案件與SEC起訴四大家的案件在性質(zhì)上基本上相同,而且可能會(huì)在香港市場(chǎng)引發(fā)危機(jī)。盡管我認(rèn)為SEC意欲將中國(guó)公司趕出美國(guó)證券交易所,但我并未察覺香港監(jiān)管機(jī)構(gòu)有這樣的打算。

????一位讀者對(duì)我說,很多在美國(guó)上市的中國(guó)公司希望改在香港上市,而這個(gè)舉動(dòng)會(huì)面臨一個(gè)很大的障礙。其中的很多公司通過發(fā)行多種類別的股票以保持創(chuàng)始人的控制權(quán),這種運(yùn)作方式在香港(或其他大多數(shù)市場(chǎng))顯然行不通。有一個(gè)簡(jiǎn)單的解決辦法——取消為內(nèi)部人士所做的特殊安排——而且這同時(shí)也將改善公司治理。(財(cái)富中文網(wǎng))

????譯者:李翔

????I recently penned a piece for Forensic Asia called Accounting Wars: Transnational Regulation in China. It summarizes my previous writings on this topic. I recommend Forensic Asia for those who follow Asian securities.

????The SEC has responded to Deloitte’s request that the case related to Longtop’s working papers remain stayed until the SEC case against the rest of the Big Four and BDO is resolved. The SEC points out that the cases have differing objectives. In the Longtop case the SEC wants working papers to be produced. In the administrative proceeding the SEC is seeking to censure or revoke the right of the firms to practice before the SEC (page 6).

????There has been no news from the PCAOB. The recent fiasco at Caterpillar will up the pressure on the PCAOB to resolve the inspection situation, since it illustrates that accounting problems in China extend to multinationals as well. The Caterpillar case appears to be a failure in due diligence, rather than an audit failure – indeed Caterpillar’s auditor appears to have not been involved in the transaction, which blew up before an audit was completed. Reports have said that two Big Four firms (other than Caterpillar’s auditor) were involved in the due diligence.

????A decision is expected in the Standard Water case in Hong Kong in the next few months. In this case, Ernst & Young refused to turn over working papers to Hong Kong’s Securities and Futures Commission, citing Chinese laws that prohibit it from doing so. The Hong Kong proceedings ares virtually identical to the SEC allegations against the Big Four, and may create a crisis in the Hong Kong markets. While I believe the SEC is willing to kick Chinese companies off of U.S. exchanges, I can’t see Hong Kong regulators taking such a stand.

????A reader has pointed out to me that there is a major obstacle to many U.S. listed Chinese companies moving their listings to Hong Kong. Many of these companies use multiple classes of stock to keep control in the hands of founders. These arrangements are apparently not allowed in Hong Kong (or most other markets). There is an easy fix – get rid of the special arrangements for insiders – that will improve corporate governance at the same time.

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