Source: Prism (ID: lengjing_qqfinance), Wall Street Journalist
Author |邬 川
As for the stock market, where the IPO is still approved, there is nothing more important and more interesting than who is responsible for reviewing the problem. In the case of equity financing, the election of the Audit Committee will be the largest regulatory variable before the registration system.
On the evening of November 27, shoes finally fell. The CSRC has announced the list of members of the 18th Audit Committee (attached) on the official website. Previously members of the 17th Audit Committee served 3 months. However, according to current progress, the last audit committee meeting will continue until mid-December to complete the change.
The current member of the Tencent Audit Committee said the top of the list is that the proportion of intermediaries is higher. In his view, the signal issued by the regulator is that future audits will focus on compliance and disclosure, and financial indicators such as net profit will be diluted.
A person close to the CSRC revealed that the audit committee's rediscovery was supported by Chairman Liu Shiyu, and that the structural changes of the Audit Committee were part of the IPO reform, but the audit concept and leadership continued to do the CSRC's will.
"There are still many capital market support systems in place to keep pace. For example, the delisting system is still not perfect, the higher-level law needs to be revised, and court proceedings in the class lack support." However, the IPO reform must also be easy and difficult. Break the road.
The proportion of intermediaries increased and earned only 200,000 yuan a year.
A total of 53 candidates were selected for this year's list, of which 25 were from CSRC, Shanghai, Shenzhen Stock Exchange, 15 from accounting firms and 13 from law firms.
It is worth mentioning that the proportion of intermediaries is more than half. In the composition of the 17th Audit Committee, the proportion of intermediaries is only 38%, of which only 4 are from accounting firms, 5 are from law firms, and fewer are full-time members.
Compared to previous audit committees, the sources of intermediaries in this Candidate List are more focused and focused – only accounting and law firms, assessment institutions, intermediaries, funds, universities and universities. Other institutions are excluded.
On September 14, Tencent "Prism" had an exclusive report, members of the part-time auditing committee should be abolished and the proportion of professional members of the intermediaries should be increased.
On 30 September, CSRC issued an "Audit Committee Decision on Changing the Commission's Securities Regulatory Commission in China" and publicly requested opinions. One of them was to reduce the number of examination boards from 66 to 35 and at the same time cancel them. Some members may be full-time rules.
This means that 18 out of 53 candidates must be "excluded" and all members of the committee will be full-time.
At the same time, is he curious about how much money you can get as a full-time control committee? Since half of the members had previously been acting as agents in brokerage agencies.
The abovementioned Audit Commission has declared Tencent Prisma an annual post-tax contribution of 200,000 yuan, part-time payroll, and 300 yuan project.
For members from intermediaries, once they are full-time, they must suspend their practice in the original unit. Compared to their earlier earnings, full-time wages are very low.
However, a former member of the law firm's examination commission said the possibility of being elected to the Audit Committee was very high, indicating the status and professional level of the industry. "Although money is small, everyone is willing to do it."
How is the list of candidates selected? Audit compliance is expected
Where do the 53 candidate lists come from?
The aforementioned former Tencent Prison Audit Panel has stated that the CSRC will generally announce to all relevant industry associations the start of the registration process in September and October. Then, depending on the size of the securities trading, the association allows top brokers to register. "Intermediate agencies examined and forwarded the list of associations, and after the primary election, the CSRC finalized a short list."
Many intermediary investment bankers have said that the increase in the number of brokers will bring more market power and expects the new Audit Committee to focus on consistency and confidence, not just net profit and other financial means Indicator.
The investment institution believes that the growth of intermediaries is still increasing the company's financial data. 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 view of this, the above review committee disagrees. Believes that the global capital market, which includes a list of audits around the review of compliance and supervision of disclosure. "Increasing the number of intermediaries will certainly be in line and trust and we urge society to improve." None of them is more familiar with the rules than with accountants and lawyers.
Responding to the suspicion that the Audit Committee has just taken over the old data, he said that the CSRC Audit Department paid special attention to the historical development of the company because the history of Chinese companies is complex and the establishment of the corporate system is relatively short. "Company law was only established in the 1990s, so the CSRC's application to verify company history is understandable."
He also stressed that the value of the company should be given to investors to vote if the company returns to value judgment, "it would be a coup in the IPO review".
IPO Dam, part-time members withdraw from the stage
Another question is why the new Audit Committee meeting has canceled part-time members?
The abovementioned Audit Committee has revealed that this is the same reason as reducing the number of control committees.
"As net profit margins increased, many queuing companies decided to omit and the phenomenon of the IPO barrier was mitigated." As soon as the number of outstanding projects is reduced, there are not many members required and the full-time capacity utilization rate is not saturated. Part-time members are not needed; secondly, there are too many members of the Commission to manage them, and it is necessary to turn the accounting office, the law firm and the securities supervisory system with strong business skills into full-time positions.
According to Tencent's "Prisma" statistics, only 42 out of the 63 members of the 17th session took part in the review, and the remaining 21 part-time members did not participate.
Most former part-time members came from the National Development and Reform Commission, Taxes, Funds, Brokers, Universities and Other Institutions, "to complement full-time members of the Echelon."
He also stated that former part-time members were not familiar with the rules. For example, NDRC is more aware of industrial logic, the university is familiar with the theory and some funds are rated for investment. From the performance of the seventeenth member of the part-time committee, it seems to be the furniture .
He found that the number of part-time members who had previously participated in the process was less. "Full-time members will initiate four to five studies and part-time members will start a trial meeting."
For this reason, provided that the current IPO front-line situation has been considerably mitigated, members of the full-time committee can cover the current rhythm of the process and objectively no longer need part-time members.
Annex: List of candidates for the 18th Audit Committee
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