CG_class 05_audit committee.pdf - Class 5 \u770btutorial THE AUDIT COMMITTEE 1 Learning Objectives 1 The development of audit committees in Australia and

CG_class 05_audit committee.pdf - Class 5 u770btutorial...

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Unformatted text preview: Class 5 看tutorial THE AUDIT COMMITTEE 1 Learning Objectives 1. The development of audit committees in Australia and overseas 2. What an audit committee is and the role it serves 3. The composition of the audit committee 4. Terms of reference of the audit committee 5. The advantages of a properly functioning audit committee 与role有关系 6. Research studies in audit committees 2 The development of audit committees in Australia and overseas 澳洲及海海外审计委员会的发展 AUDIT COMMITTEES •crucial component of effective corporate governance. •serves to strengthen the auditor’s independence by providing an independent forum where issues relating to the audit can be referred on a timely basis. •audit committees have received significant attention, such that it might be assumed that they are a modern-day corporate governance invention. •audit committees are not new. 3 • • • • 有效公司治理理的重要组成部分。 通过提供⼀一个独⽴立的论坛,及时提交与审计相关的问题,以加强审计⼈人员的独⽴立性。 审计委员会受到了了极⼤大的关注,以⾄至于⼈人们可能会认为它们是现代公司治理理的发明。 审计委员会并不不新鲜。 The development of audit committees in Australia and overseas (Cont’d) AUDIT COMMITTEES The most influential report on corporate governance and audit committees in that country was the Cadbury Report (1992). 该国关于公司治理理和审计委员会的最有影响⼒力力的报告是吉百利利报告(1992年年)。 •Many of the principles and recommendations of the Cadbury Report were adopted in the UK, and also corporate governance policy documents in Australia. • 英国采纳了了吉百利利报告中的许多原则和建议,澳⼤大利利亚也采纳了了公司治理理政策⽂文件。 在1972年年⾸首次建议上市公司成⽴立审计委员会。 SEC The SEC first recommended that publicly held companies establish audit committees in 1972. •A significant contribution made by the SEC was the issuing of ‘stringent rules for three standing corporate committees—i.e. nominating committee, compensation committee and audit committee’ in 1978 (Vanasco, 1994). •SEC 做出的⼀一项重⼤大贡献是颁布了了“针对三个常设公司委员会的严格规定”。1978年年提名委员会、薪酬委员会和审计委员会(Vanasco, 1994年年)。 •The SEC stated that these three committees must be formed with ‘independent’ members •SEC 表示,这三个委员会必须由“独⽴立”成员组成 4 The development of audit committees in Australia and overseas (Cont’d) AUDIT COMMITTEES – THE SEC The SEC established eight customary functions of the audit committee: 1.Recommend engagement or discharge of the independent auditors 2.Direct and supervise investigations into matters within the scope of its duties 3.Review with the independent auditors the plan and results of the audit engagement 4.Review the scope and results of internal auditing activities 5.Approve each professional service provided by the independent auditors to its performance 6.Review the independence of the independent auditors 7.Consider the range of audit and non-audit fees 8.Review the adequacy of the system of internal controls. 5 美国证券交易易委员会确⽴立了了审计委员会的⼋八项惯常职能: 1.建议聘请或解聘独⽴立核数师 2.指导和监督对其职责范围内的事项进⾏行行调查 3.与独⽴立审计员⼀一起审核审计业务的计划和结果 4.审查内部审计活动的范围和结果 5.核准独⽴立核数师提供的每项专业服务的表现 6.审查独⽴立审计师的独⽴立性 7.考虑审计和⾮非审计费⽤用的范围 8.审查内部控制系统的适当性。 The development of audit committees in Australia and overseas (Cont’d) AUDIT COMMITTEES – SARBANES-OXLEY ACT The US approach to corporate governance, and audit committees is prescriptive and legalistic. Eg. the SarbanesOxley Act of 2002. •This wide-reaching legislation was enacted largely as a result of the Enron financial collapse. In 2003, the SEC issued rules implementing the public company audit committee requirements of s 301 of the Sarbanes-Oxley Act. 审计委员会-萨班斯-奥克斯利利法案 美国对公司治理理和审计委员会的态度是规范性和法律律性的。如。2002年年萨班斯-奥克斯利利法案。 •这⼀一影响⼴广泛的⽴立法主要是在安然(Enron)⾦金金融崩溃后颁布的。2003年年,美国证券交易易委员会(SEC)发布了了实施《萨班斯-奥克斯利利法》(Sarbanes-Oxley Act)第301条中上市公司审计委员会要求的规定。 6 The development of audit committees in Australia and overseas (Cont’d) AUDIT COMMITTEES – AUSTRALIA •In Australia, audit committees took longer to become part of the business landscape. •Walker (2004) reports an Australian Senate Standing Committee on Legal and Constitutional Affairs (the Cooney Committee) recommended mandatory audit committees for listed companies in 1989. •ASX adopted a more flexible approach listed entities required to describe the corporate governance arrangements they had in place (ASX Listing Rule 4.10.3), and then state whether an audit committee had been established. If they had not established an audit committee, companies were required to explain why they had not done so (ASX Listing Rule 4.10.2). 审计委员会-澳洲 •在澳⼤大利利亚,审计委员会花了了更更⻓长的时间才成为商业景观的⼀一部分。 •Walker(2004)报告称,澳⼤大利利亚参议院法律律和宪法事务常务委员会(Cooney Committee)在1989年年建议对上市公司设⽴立强制性审计委员会。 •ASX采取了了更更灵活的⽅方式 上市实体需要描述其现有的公司治理理安排(ASX上市规则4.10.3),然后说明是否成⽴立了了审计委员会。 如果他们没有建⽴立⼀一个审计委员会,公司被要求解释为什什么他们没有这样做(ASX上市规则4.10.2)。 7 The development of audit committees in Australia and overseas (Cont’d) AUDIT COMMITTEES – AUSTRALIA There have been many ‘best practice guidelines’ Bosch Committee (1990), 有很多“最佳实践指南” 博世委员会(1990), 投资与⾦金金融服务协会《蓝⽪皮书》(2003)。 Investment and Financial Services Association ‘Blue Book’ (2003). 在澳⼤大利利亚,ASX是审计委员会政策和程序的主要贡献者。 关键审计委员会建议4.1公司应建⽴立审计委员会。 标准普尔/澳⼤大利利亚证券交易易所所有普通股票指数(S&P/ASX all Ordinaries Index)内的所有公司都必须满⾜足审计委员会的某些要求。ASX上市规则12.7 In Australia, the ASX is the major contributor toward audit committee policy and procedure. The key audit committee recommendation 4.1 that a company should establish an audit committee. all companies within the ‘S&P/ASX All Ordinaries Index’ are required to meet certain audit committee requirements. ASX Listing Rule 12.7 8 What an audit committee is and the role it serves 什什么是审计委员会,它的职责是什什么 An audit committee is a subcommittee of the governing body of an entity, concerned with the quality of its financial reporting and auditing function. The governing body may choose to delegate other responsibilities to the audit committee, but ultimate and legal responsibility always resides with the governing body. the role and therefore potential advantages of an audit committee will depend upon the individual needs and risk characteristics of individual entities. 审计委员会是⼀一个实体的理理事机构的⼩小组委员会,负责其财务报告和审计职能的质量量。 管理理机构可以选择将其他责任委托给审计委员会,但最终和法律律责任始终属于管理理机构。 审计委员会的作⽤用和潜在优势将取决于个别实体的个别需要和⻛风险特征。 9 What an audit committee is and the role it serves (Cont’d) The ASX CGC (2007) provides a very simple and direct description ‘a board audit committee [which] is an efficient mechanism for focusing on issues relevant to the integrity of the company’s financial reporting’ 提供了了⼀一个⾮非常简单和直接的描述 (principle 4). ⼀一个董事会审计委员会,它是⼀一个有效的机制,专注于与公司财务报告的完整性相关的问题 原则 。 ASX CGC(2007) “ ”( 4) 它认为审计委员会是实体确保其财务报告和审计的完整性的关键。 It regards the audit committee as the lynchpin in an entity’s efforts to ensure integrity in its financial reporting and auditing. Principle 4 places a two-fold responsibility on the audit committee: 1. to review and consider the entity’s financial statements. 2. to be part of the process of ensuring the independence and competence of the external auditors. In this regard, the ASX CGC places a reasonably narrow focus on the audit committee. Companies can/and often do choose to expand the role of the audit committee to take on board a multitude of other responsibilities. 原则4赋予审计委员会双重职责: 1. 审查和审议实体的财务报表。 2. 参与确保外聘审计员的独⽴立性和能⼒力力的过程。在这⽅方⾯面,澳洲证券交易易所CGC把⼀一个相当狭窄的重点放在审计委员会。 公司可以/往往选择扩⼤大审计委员会的作⽤用,承担⼤大量量其他责任。 10 The composition of the audit committee 审计委员会的组成 The audit committee should contain members with the following qualities and characteristics: independence financial literacy 审计委员会成员应具备以下素质和特点: 独⽴立 ⾦金金融知识 会计专业及⾼高等教育背景 批判性思维 ⾼高的道德倾向。 professional and higher education accounting qualifications critical thinking high ethical disposition. what an audit committee is and the role it serves(cont’d) in addition, the ASX CGC(2014) Recommendation 4.1 also states that: if the entity has an internal audit function: `the appointment or removal of the head of internal audit; `the scope and adequacy of the internal audit work plan; and `the objectivity and performance of the internal audit function 11 The composition of the audit committee (Cont’d) INDEPENDENCE An audit committee is structurally unsound without appropriate levels of independence. 没有适当的独⽴立性,审计委员会在结构上是不不健全的。 ASX公司治理理⽂文化的指导: 关于审计委员会的组成,重点是独⽴立性。 审计委员会只由⾮非执⾏行行董事组成,其中多数为独⽴立董事。 “国际惯例例正在向只由独⽴立董事组成的审计委员会转变。 ASX CGC’s guidance: on the composition of the audit committee focuses on independence. an audit committee to be made up only of non-executive directors with the majority being independent. ‘international practice is moving towards an audit committee comprised of only independent directors’. 12 The composition of the audit committee (Cont’d) AUDIT COMMITTEE CHAIR An audit committee chair plays a pivotal role in driving the agenda and inquiry of the committee. His or her independence should be beyond reproach. the chair of the audit committee needs to have independence for the audit committee to have credibility Given the importance of the chair of the audit committee, the ASX CGC takes a reasonably soft approach with respect to his or her independence status. 审计委员会主席 审计委员会主席在推动审计委员会的议程和调查⽅方⾯面发挥着关键作⽤用。 他或她的独⽴立⽆无可⾮非议。审计委员会主席需要有 独⽴立审计委员会要有公信⼒力力 考虑到审计委员会主席的重要性,ASX CGC对其独⽴立性采取了了⼀一种相对温和的态度。 13 The composition of the audit committee (Contd) FINANCIAL EXPERTISE AND PROPER ETHICAL DISPOSITION An auditing committee should have sufficient financial accounting expertise: to understand the relevant issues, ask insightful questions, ⾦金金融专业知识和适当的道德倾向 审计委员会应具备⾜足够的财务会计专业知识: 要了了解相关问题, 问的问题, 通常会增加财务报告和审计过程的价值。 generally add value to the financial reporting and auditing process. 14 The composition of the audit committee (Cont’d) SIZE OF THE AUDIT COMMITTEE 审计委员会的规模 •在任何情况下,审计委员会都不不应该包含理理想的成员数量量。 •基本的参数是审计委员会需要有⾜足够的成员来提出不不同的和有⻅见地的观点 •然⽽而,它需要⾜足够⼩小,这样才能集中精⼒力力,精简决策,响应会计和审计的要求和截⽌止⽇日期。 •There is no ideal number of members that an audit committee should contain in all circumstances. •Basic parameters are that an audit committee needs to have sufficient members to present different and informed views •However, it needs to be sufficiently small such that it is focused, streamlined in decision making and responsive to accounting and auditing demands and deadlines. 所需会议次数 审计委员会应多久举⾏行行⼀一次会议? 澳洲证券交易易所CGC(2007):审计委员会应“经常开会,以充分发挥其作⽤用”(第26⻚页)。 REQUIRED NUMBER OF MEETINGS How often audit committees should meet? The ASX CGC (2007): the audit committee should meet ‘often enough to undertake its role effectively’ (p. 26). 15 Terms of reference of the audit committee 审计委员会的职权范围 An audit committee’s charter will reflect the composition of the committee, its basic framework, responsibilities and powers. 审计委员会的章程将反映委员会的组成、基本架构、职责和权⼒力力。 ASX CGC’s Recommendation 4.3 charter to focus on the committee’s role and responsibilities, composition, structure and membership requirements. 澳洲证券交易易所CGC的建议4.3宪章集中委员会的作⽤用和职责,组成,结构和成员要求。 An audit committee’s role and responsibilities will be very much a function of the nature of the entity and the industry in which it operates. 审计委员会的作⽤用和职责将在很⼤大程度上取决于实体的性质及其所在⾏行行业。 Accordingly, there is no one audit charter that is ideal for all entities. 因此,没有⼀一种审计章程是适合所有实体的。 16 Terms of reference of the audit committee (Cont’d) AUDIT COMMITTEE CHARTER STATEMENT RE: ROLE AND RESPONSIBILITIES The ASX CGC recommends that an audit committee charter should clearly set out ‘role and responsibilities’, and also that the audit committee should review the integrity of the company’s financial reporting and oversee the independence of the external auditors. 审计委员会章程说明:作⽤用和职责 澳洲证券交易易所CGC建议,审计委员会章程应明确规定“⻆角⾊色和责任”,审计委员会还应审查公司财务报告的完整性,并监督外部审计师的独⽴立性。 AUDIT COMMITTEE CHARTER STATEMENT RE: COMMITTEE COMPOSITION AND INVITEES The ASX CGC recommends that the audit charter should clearly set out the audit committee’s structure/membership requirements/procedures for inviting non committee members to attend meetings. 审计委员会章程说明 澳洲证券交易易所CGC建议审计章程应明确规定审计委员会的结构/成员资格要求/邀请⾮非委员会成员参加会议的程序。 17 Terms of reference of the audit committee (Cont’d) AUDIT COMMITTEE CHARTER STATEMENT RE: COMMITTEE POWERS AND RESOURCES ASX CGC: audit committee should be given the necessary power and resources to meet its charter. including: rights of access to management, rights to seek explanations and additional information, access to auditors without management present. 审计委员会章程声明RE:委员会的权⼒力力和资源 ASX CGC:审计委员会应该被赋予必要的权⼒力力和资源来履履⾏行行其章程。 包括:接触管理理层的权利利,寻求解释和补充信息的权利利,接触没有管理理层在场的审计师的权利利 AUDIT COMMITTEE CHARTER STATEMENT RE: MEETINGS ASX CGC: the audit committee should meet ‘often enough’ to undertake its role effectively. 审计委员会章程声明如下:会议 ASX CGC:审计委员会应该“⾜足够频繁”地开会来有效地履履⾏行行其职责。 许多权威报告指出,审计委员会每年年应举⾏行行不不少于四次会议。 many authoritative reports indicate that an audit committee should meet no fewer than four times per annum. 18 Terms of reference of the audit committee (Cont’d) AUDIT COMMITTEE CHARTER STATEMENT RE: REPORTING ASX CGC: the audit committee should report to the board and that the report should contain all matters relevant to the committee’s role and responsibilities. 审计委员会章程声明:报告 澳交所CGC:审计委员会应向董事会报告,报告应包含与委员会职责相关的所有事项。 19 The advantages of a properly functioning audit committee 审计委员会正常运作的好处 Assist the board of directors to meet their fiduciary responsibilities An audit committee can assist the directors of a company to meet their fiduciary responsibilities. The board of directors of a company has an important stewardship role to perform. The directors of a company have significant legal (not to mention social, moral and ethical) responsibilities to meet. 协助董事会履履⾏行行受托责任 审计委员会可以协助公司董事履履⾏行行受托责任。 公司的董事会扮演着重要的管理理⻆角⾊色。 公司的董事们要履履⾏行行重要的法律律(更更不不⽤用说社会、道德和伦理理)责任。 Improve the quality of financial reporting 提⾼高财务报告的质量量 审计委员会应由具有财务知识的成员组成,审计委员会的⼀一名或多名成员应具有会计⾼高等教育和专业资格。 The audit committee should comprise members who are financially literate, one or more members of the audit committee will have accounting higher education and professional qualifications. 20 The advantages of a properly functioning audit committee (Cont’d) Enhance the choice of appropriate and independent external auditor Historically, one of the key roles of the audit committee was to play a large part in the selection and appointment of the external auditor. 加强选择合适和独⽴立的外部审计师 历史上,审计委员会的主要作⽤用之⼀一是在选择和任命外聘审计员⽅方⾯面发挥重要作⽤用。 ⽬目前,⼤大多数审计委员会将向审计委员会提出关于选择、任命、轮调和(或)撤换外聘审计员的建议。 Presently, most audit committees will make recommendations to the board for the selection, appointment, rotation and/or removal of an external auditor. 这个过程有两个好处: 1. 审计委员会能够很好地选择具有技能和适当独⽴立性的审计公司来履履⾏行行审计职能。 2. 价值可以通过让董事会的“独⽴立”⼩小组委员会选择审计师来获得。 There are two advantages that flow from this process: 1. audit committee is well-placed to select an audit firm that has the skill set and appropriate independence to fulfil the audit function. 2. value can be obtained by having an ‘independent’ subcommittee of the board select the auditor. 21 The advantages of a properly functioning audit committee (Cont’d) Facilitate the quality of the statutory audit the audit committee should not perform any ‘auditing’ function. 促进法定审计的质素 审计委员会不不应执⾏行行任何“审计”职能。 苏格兰特许会计师协会前主席⼤大卫·弗林林特说,“只有审计师才能提⾼高审计质量量”(沃克,2004年年报道)。 Former president of the Institute of Chartered Accountants of Scotland, David Flint, observed, ‘only auditors can improve the quality of auditing’ (reported in Walker, 2004). 22 The advantages of a properly functioning audit committee (Cont’d) Advantages of interaction between the external auditor and audit committee: the audit committee provides the external auditor with greater authority in resolving accounting dilemmas/controversies with company executives. an audit committee meeting can provide a neutral forum for the resolution of accounting dilemmas and disputes. the audit committee can provide oversight to the external audit function, consider audit plans and programs, and add a level of internal quality control assessment. 外部审计师与审计委员会相互作⽤用的优势: 审计委员会赋予外部审计师更更⼤大的权⼒力力,以解决与公司⾼高管之间的会计困境/争议。 审计委员会会议可以为解决会计困境和争议提供⼀一个中⽴立的论坛。 审计委员会可以对外部审计职能进⾏行行监督,考虑审计计划和程序,并增加⼀一层内部质量量控制评估。 23 The advantages of a properly functioning audit committee (Cont’d) Improve the synergy between external audit and the internal audit function the audit committee can play a valuable role in ensuring the combined audit activities (internal and external) are well coordinated. Ideally, this can lead to the aggregate audit function being achieved in the most efficient, insightful and cost-effective manner for the entity. 加强外部审计与内部审计的协同作⽤用 审计委员会可以在确保合并审计活动(内部和外部)得到良好协调⽅方⾯面发挥宝贵的作⽤用。在理理想情况下,这可以导致以对实体最有效、最有洞洞察⼒力力和最具成本效益的⽅方式实现聚合审计功能。 24 The advantages of a properly functioning audit committee (Cont’d) Strengthen the internal control framework by providing a focused forum to direct internal control and risk management issues Internal control and risk management environment encompasses a multitude of individual issues and complexities unique to particular industries and companies benefit of the audit committee is that it can provide a focal point for the consideration of such issues. the audit committee can encourage awareness and concern for internal control and 加强内部控制框架,为指导内部控制和⻛风险管理理问题提供⼀一个重点论坛 risk management matters. 内部控制和⻛风险管理理环境包括许多个别的问题和复杂的特殊⾏行行业和公司 Other advantages 审计委员会的好处是它可以为审议这些问题提供⼀一个协调中⼼心。 审计委员会可以⿎鼓励对内部控制和⻛风险管理理事项的认识和关注。 the benefits of the audit committee are contingent on its charter and the degree to which an organisation funds and places priority on its audit committee. the audit committee might be able to assist in other functions including monitoring policies that prohibit unethical activities, illegal activities, political donations, compliance with the Corporations Act 2001 and ASX Listing Requirements. 其他的优势 审计委员会的好处取决于它的章程和⼀一个组织对其审计委员会的资助和重视程度。 审计委员会可能能够协助执⾏行行其他职能,包括监督禁⽌止不不道德活动、⾮非法活动、政治捐赠、遵守《2001年年公司法》和ASX上市要求的政策。 25 Research studies in audit committees 审计委员会的研究⼯工作 EXISTENCE AND COMPOSITION OF AUSTRALIAN AUDIT COMMITTEES 澳⼤大利利亚审计委员会的存在和组成 Australia does not have a legal imperative for companies to establish audit committees. 澳⼤大利利亚没有法律律强制要求企业设⽴立审计委员会。 It has only been in recent years that listed companies included on the S&P/ASX All Ordinaries were required to have an audit committee. 直到最近⼏几年年,标普/澳交所所有普通上市公司才被要求成⽴立审计委员会。 Before that, the establishment of an audit committee was largely the choice of companies. 在此之前,成⽴立审计委员会主要是公司的选择。 从1993年年6⽉月30⽇日起,上市公司必须说明它们是否有审计委员会。如果没有,公司仍然被要求解释他们为什什么没有审计委员会。(ASX上市规则4.10)。 As from 30 June 1993 companies listed were required to state whether they had an audit committee. If not, companies were still required to explain why they did not have an auditing committee. (ASX Listing Rule 4.10). 26 Research studies in audit committees (Cont’d) AUDIT COMMITTEES SUBSEQUENT TO THE INTRODUCTION OF ASX LISTING RULE 4.10 上市规则4.10引⼊入后的审计委员会 ASX studies found audit committee rates of greater than 80% and in recent years approaching 100%. 研究发现,审计委员会的⽐比例例超过80%,近年年来接近100%。 The evidence suggests a very significant impetus to the number of audit committees in Australia has been the relevant ASX Listing Rules and, more recently, audit committee principles and recommendation issued by the ASX CGC. 有证据表明,澳⼤大利利亚相关的ASX上市规则,以及最近由ASX CGC发布的审计委员会原则和建议,对澳⼤大利利亚审计委员会的数量量起到了了⾮非常重要的推动作⽤用。 See Moroney and Simmett (1996), Carson (2002) and Psaros and Seamer (2004; 2006) 27 Research studies in audit committees (Cont’d) EFFECTIVENESS OF AUDIT COMMITTEES 审计委员会的效率 Audit committees potentially can provide several advantages to an organisation. 审计委员会可能为组织提供⼏几个优势。 Adoption and disclosure of the existence of an audit committee does not ensure it will operate as an effective corporate governance mechanism. 采⽤用和披露露审计委员会的存在并不不能确保它将作为⼀一种有效的公司治理理机制来运作。 Given that audit committees are invariably a key part of corporate governance, audit committees were an important variable in several of the studies. 鉴于审计委员会始终是公司治理理的关键组成部分,审计委员会在⼀一些研究中是⼀一个重要的变量量。 Results of some studies show that a company with an independent audit committee is more likely to engage in quality financial reporting. ⼀一些研究结果表明,拥有独⽴立审计委员会的公司更更有可能从事⾼高质量量的财务报告。 Davidson et al. (2005) found that a majority of non-executive directors on the audit committee leads to a lower likelihood of earnings management by companies. 等⼈人(2005)发现,审计委员会中的⼤大多数⾮非执⾏行行董事导致公司进⾏行行盈余管理理的可能性较低。 Davidson Koh et al. (2007) found that discretionary financial reporting behaviour was mitigated when a company had an independent and active audit committee. Koh 等⼈人(2007)发...
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