【正文】 Outside financial statements Business Application Context Credit analysis Securities analysis Mergers and acquisition analysis Debt/dividend analysis Corporate munication strategy analysis General business analysis Analysis Tools Business Strategy Analysis Generate performance expectations through Industry analysis and petitive strategy Analysis Accounting Analysis Evaluate accounting quality By assessing accounting Policies and estimates Financial Analysis Evaluate performance using ratios And cash flow analysis Prospective Analysis Making forecasts and value Business 2021/11/12 68 會(huì)計(jì)分析 ? Doing Accounting Analysis – Step 1: Identify key accounting policies – Step 2: Access accounting flexibility – Step 3: Evaluate accounting strategy ? Key questions – How do the firm’s accounting policies pare to the norms in the industry? If they are different, is it because the firm’s petitive strategy is unique? – Does management face strong incentives to use accounting discretion for earnings management? – Has the firm changed any of its policies and estimates? What is the justification? What is impact of changes? – Have the firm’s policies and estimates been realistic in the past? – Does the firm structure any significant business transactions so that it can achieve certain accounting objectives? 2021/11/12 69 會(huì)計(jì)分析 – Step 4: Evaluate the quality of disclosure ? Key questions – Does the firm provide adequate disclosure to assess the firm’s business strategy and its economic consequences? – Do the footnotes adequately explain the key accounting policies and assumptions and their logic? – Does the firm adequately explain its current performance? (MDamp。A) – If accounting rules and conventions restrict the firm from measuring its key success factors appropriately, does the firm provide adequate additional disclosure to help outsiders understand how these factors are being managed? – If the firm is in multiple business segments, what is the quality of segment disclosure? – How forthing is the management with respect to bad news? – How good is the firm’s investor relations program? Does the firm provide fact books with detailed data on the firm’s business and performance? Is the management accessible to analysts? 2021/11/12 70 會(huì)計(jì)分析 – Step 5: Identify potential red flags ? Common red flags – Unexplained changes in accounting policies and estimates, especially when performance is poor – Unexplained transactions that boost profits – Unusual increases in account receivable in relation to sales increases – Unusual increases in inventories in relation to sales increases – An increasing gap between a firm’s reported ine and its cash flow from operating activities – An increasing gap between a firm’s reported ine and its tax ine – A tendency to use financing mechanisms like research and development partnerships and the sale of receivables with recourse – Large fourthquarter or fistquarter adjustments – Qualified audit opinions or change in independent auditors that are not well justified – Relatedparty transactions or transactions between related entities – Step 6: Undo accounting distortions ? 4 approaches ( refer to windowdressing of financial statements) 2021/11/12 71 附錄： SarbanesOxley Act SarbanesOxley Act of 2021 ? ， , 主要內(nèi)容包括 7個(gè)方面 ? 設(shè)立 Public Company Accounting Oversight Board （公眾公司會(huì)計(jì)監(jiān)察委員會(huì)） – 委員會(huì)的組建和管理 – 所有為證券發(fā)行公司出具審計(jì)報(bào)告的會(huì)計(jì)師事務(wù)所都必須向 PCAOB備案 – PCAOB應(yīng)當(dāng)制定審計(jì)、質(zhì)量控制和獨(dú)立性的標(biāo)準(zhǔn)及規(guī)則 – PCAOB應(yīng)當(dāng)定期對(duì)備案的事務(wù)所進(jìn)行檢查 – PCAOB的調(diào)查及懲戒程序 – PCAOB對(duì)國(guó)外事務(wù)所的權(quán)力 – 授權(quán) SEC對(duì) PCAOB進(jìn)行監(jiān)管 2021/11/12 72 SarbanesOxley Act – SEC對(duì) GAAP的確認(rèn)權(quán)力及對(duì)準(zhǔn)則制定機(jī)構(gòu)的要求 ? SEC應(yīng)當(dāng)對(duì)轉(zhuǎn)而采納原則基礎(chǔ)的會(huì)計(jì)準(zhǔn)則進(jìn)行專題研究，并在 1年后向國(guó)會(huì)報(bào)告 – PCAOB的資金來(lái)源和運(yùn)用 ? SEC任命了 PCAOB的五名委員 ? William , Chairman(2021)Former director of the FBI and CIA ? Daniel (2021) Former SEC general counsel ? Kayla (2021) – Former general counsel of CalPERS ? Willis Jr.(2021) – Former representative from Ohio ? Charles (2021) – Current chief accountant of the SEC’s Division of Enforcement 2021/11/12 73 Sarbanes – Oxly Act ? 對(duì)審計(jì)師的獨(dú)立性提出了更加嚴(yán)格的要求 – 限制事務(wù)所為其審計(jì)的客戶提供 9項(xiàng)非審計(jì)服務(wù) ? Bookkeeping or other services related to the accounting records or financial statements of the audit client。 ? Financial information systems design and implementation ? Appraisal or valuation services, fairness opinions, or contributioninkind reports。 2021/11/12 74 Sarbanes – Oxley Act ? Actuarial services。 ? Internal audit outsourcing services ? Management functions or human resources。 ? Broker or dealer, investment adviser, or investment banking services。 ? Legal services and expert services unrelated to the audit。 ? Any other services that the Board determines, by regulation, is impermissible. – 事務(wù)所執(zhí)行其他非審計(jì)業(yè)務(wù)（如稅務(wù)咨詢），必須事先得到 PCAOP的批準(zhǔn) – 事務(wù)所負(fù)責(zé)某一公司審計(jì)的合伙人或復(fù)核合伙人至少每 5年輪換一次 – 規(guī)定審計(jì)師必須向?qū)徲?jì)委員匯報(bào)的事項(xiàng) – 限制與被審計(jì)客戶有利害沖突的人員參與審計(jì) ? CEO, CFO, Controller, CAO, etc. 1 year 2021/11/12 75 SarbanesOxley Act – 要求審計(jì)總署（ GAO）對(duì)事務(wù)所的強(qiáng)制輪換進(jìn)行專題研究，并在 1年內(nèi)向國(guó)會(huì)報(bào)告 – 授權(quán) SEC頒布最終規(guī)定以貫徹本法案 – 州級(jí)管理當(dāng)局在監(jiān)管非備案事務(wù)所應(yīng)考慮的事項(xiàng) ? 強(qiáng)化公司的責(zé)任 – 增強(qiáng)了對(duì)審計(jì)委員會(huì)的要求 – 上市公司必須證明其定期報(bào)告所附會(huì)計(jì)報(bào)表及信息披露的恰當(dāng)性，并且保證在所有重大方面公允地反映了公司的經(jīng)營(yíng)成果和財(cái)務(wù)狀況 – 將上市公司的行政官員、董事或任何人所采取的以提供帶有重大誤導(dǎo)性會(huì)計(jì)報(bào)表為目的影響、強(qiáng)迫、操縱或誤導(dǎo)審計(jì)師行為界定為非法 2021/11/12 76 Sarbanes – Oxley Act – 上市公司的財(cái)務(wù)資料若違反證券法，其 CEO和 CFO應(yīng)對(duì)此負(fù)責(zé)并返還 12個(gè)月內(nèi)的獎(jiǎng)金及紅利 – 禁止在退休基金的管制期內(nèi)進(jìn)行內(nèi)部交易 ? 增加了對(duì)公司定期報(bào)告的信息披露要求 – 要求上市公司必須在年報(bào)和季報(bào)中披露所有的重大表外項(xiàng)目 – 要