For example, the "profit distribution-undistributed profit" of a complete enterprise group member is offset with its corresponding "long-term equity investment -XX joint venture" project to eliminate the unrealized profit generated by internal transactions. For example, in an enterprise group, the parent company owns 40% of the equity of the affiliated enterprise, and in this period, it sold 20 million yuan to the affiliated enterprise at a cost of 6,543,800 yuan. The unrealized profit at the end of the inventory period of this transaction is 6,543,800,000 yuan, and the amount of unrealized profit that should be adjusted when preparing consolidated accounting statements is 654,38+0,000×.
(2) Disposal of unrealized profits in counter-current transactions. Countercurrent transaction is an associated enterprise selling goods to members of a complete enterprise group. The unrealized profit generated by this transaction is included in the income statement of the affiliated enterprise itself on the one hand, and the inventory items of the members of the complete enterprise group on the other hand. At the time of merger, it is reasonable to offset the unrealized profit items of affiliated enterprises with the inventory items of the members of the complete enterprise group according to the equity ratio. However, because the unrealized profits of the associated enterprises are included in the consolidated statement according to the shareholding ratio through the item of "investment income -XX associated enterprise" in the income statement of the members of the complete enterprise group, the share of unrealized profits owned by the group should be reduced from the inventory item in the consolidated balance sheet and the item of "investment income -XX associated enterprise" in the consolidated income statement respectively when preparing the consolidated statement. Thereby offsetting the unrealized profits contained in the consolidated statements. For example, the parent company of a group.
Derived from the value of securities such as bonds. This derivative gives this new financing tool a wide range of application space and flexible and diverse trading forms. At present, the most widely used derivatives in the international financial market include forward contracts, financial futures, options and swaps.
1. Derivative financial instruments are based on contracts. The rights and obligations of both parties to the contract are basically determined from the date of signing the contract, and there is no need or only a small amount of initial net investment, but the transaction will not be fulfilled or completed until some time in the future.
2. The income of derivative financial instruments has great uncertainty. The income generated by derivative financial instruments comes from the change of the value of the subject matter, that is, the difference between the agreed price and the actual price will change with the change of future interest rate, securities price, commodity price, exchange rate or corresponding index.
3. Strong financial leverage and high financial risks go hand in hand. When trading with derivative financial instruments, you can pay a lower commission or deposit as required to engage in large-scale transactions. Investors only need to control a lot of resources with a small amount of money, and once the actual change trend is consistent with the trader's prediction, they can get rich returns. However, huge profits are accompanied by huge risks. Once the forecast is wrong and financial risks appear, investors may suffer serious losses and even endanger the stability of the entire financial market.
4. The product design is very flexible. There are many kinds of financial derivatives, which can be designed according to the time, amount, leverage ratio, price, risk level and other parameters required by customers, so as to achieve the purpose of full value preservation and hedging. However, these financial derivatives are difficult to transfer in the market, so their liquidity risk is also great.
Second, the impact of derivative financial instruments on traditional financial accounting theory
1, the impact on accounting elements. In the existing accounting theory, assets are defined as resources formed by past transactions and events, owned or controlled by enterprises and expected to bring economic benefits to enterprises; Liabilities are defined as current obligations formed by past transactions and events, and the fulfillment of this obligation will lead to the outflow of economic benefits from the enterprise. These two definitions are based on "past transactions or events", and the occurrence of such transactions or events will bring about changes in future economic interests. However, after the signing of the derivative financial instrument contract, it will indeed bring certain rights or obligations to the enterprise, and will generate the inflow or outflow of economic benefits or resources in the future. However, whether this right or obligation is fulfilled is unpredictable when the contract comes into effect. Not happened in the past, but from future transactions or events, and the amount is difficult to determine, so the rights or obligations brought by derivative financial instruments do not meet the current accounting recognition standards, so they should not be recognized. However, as an economic business, the accounting confirmation of derivative financial instruments is a problem that must be solved when signing the contract. Therefore, in order to reflect the related situation of derivative financial instruments in the balance sheet, it is necessary to redefine the accounting elements such as "assets" and "liabilities" in the current accounting theory. The traditional definition of assets and liabilities is based on a stable accounting environment based on past events. This accounting environment has undergone great changes in the world economy, especially after the emergence and rapid development of derivative financial instruments, the accounting of "ex post accounting" can no longer meet the ubiquitous demand of a large number of existing derivative financial instruments.
2. Impact on accounting confirmation. Traditional accounting emphasizes past transactions when recognizing accounting elements such as assets and liabilities, and takes the time of transaction as the recognition standard, that is, it is recognized once when the transaction occurs. However, derivative financial instruments are not based on transaction time, but on contract performance time. When a contract is concluded, in addition to confirmation, there will be problems of "so-called reconfirmation" and "termination of confirmation", which is obviously contrary to traditional accounting.
3. Impact on accounting measurement. Measurement is the process of determining the monetary amount of confirmed report items in the balance sheet or income statement. Accounting measurement should truly reflect the value of the measured object, so as to facilitate the prediction and decision-making needs of relevant information users. In the existing accounting theory, accounting measurement is based on historical cost, which is the actual cost of assets and reflects the historical record of assets or liabilities transactions, with objectivity and verifiability. According to this principle, accounting measurement can only be based on the cost that has occurred, but not on the possible cost. At the same time, after each report item is recorded at historical cost, the book value is generally not allowed to be adjusted at will to maintain the comparability of information. The initial investment of derivative financial instruments is little or zero. In the future, the initial net investment (historical cost) at the time of signing the contract cannot reflect its value and risk. Because its price fluctuates greatly, it is difficult for historical cost to track the change of market value. Therefore, the reliability and correlation of historical cost are greatly affected, and it is not suitable for measuring derivative financial instruments.
4. Impact on accounting disclosure. The purpose of accounting disclosure is that the users of statements can know the financial status, operating results and cash flow of enterprises in time and correctly, so as to make correct predictions and decisions. However, the existing financial reporting system can't fully meet the needs of fully disclosing the information of derivative financial instruments, and the related items can't be reflected off the balance sheet, or the necessary fair value, risk and other information can't be disclosed. However, the unique derivative and leverage of derivative financial instruments make it possible for enterprises to face huge risks and suffer huge losses. Therefore, it is necessary to improve the existing accounting statement model and fully disclose the relevant information of derivative financial instruments.
. For example, assets are no longer limited to economic resources that can bring future economic benefits to the enterprise generated by past economic business, but also include economic resources that can directly bring economic benefits to the enterprise in the future as stipulated in this contract; Liabilities are no longer limited to the economic responsibilities generated by the past economic business and now borne by the enterprise, but also include the economic responsibilities that the enterprise needs to bear in the future as stipulated in the contract. In this way, the concept of accounting elements has obviously expanded. Assets and liabilities related to financial instruments, usually called financial assets and financial liabilities, are conceptually different from what is usually said. The most important thing is that financial assets and financial liabilities are uncertain. After the reconstruction of accounting elements, assets and liabilities are naturally divided into deterministic assets, liabilities and uncertain assets and liabilities according to their certainty. Users of accounting statements are very important to the information about the relationship between financial assets and liabilities and non-financial assets and liabilities. Revealing this relationship in the balance sheet is helpful to improve the relevance of accounting information.
2. Re-formulation of accounting recognition criteria. In the case of derivative financial instruments trading, how to carry out accounting recognition is a very difficult problem. There is also a high degree of uncertainty about whether the related risks and rewards and the degree of their transfer, which determines the complexity of the recognition of derivative financial instruments: (1) When concluding a contract, financial assets and financial liabilities should be recognized for the first time. (2) The recognized financial assets and liabilities need to be reconfirmed in the period before future transactions. Although their risks and rewards are fixed and have not changed substantially, their fair values have changed due to changes in exchange rates and prices. (3) When the future transaction agreed in the contract occurs, the enterprise will lose the corresponding rights and obligations. At this time, financial assets and financial liabilities should be recognized, which is called derecognition. The difference between the book value and the actual amount is included in the current profit and loss.
3. Adopt multiple pricing bases. Traditional accounting mainly takes historical cost as the basis of valuation, which of course has many advantages, but because derivative financial instruments business has no historical cost, it cannot be valued at historical cost. The most feasible method for accounting valuation of derivative financial instruments is fair value, which can be used not only for the initial recognition of financial assets and liabilities, but also for the financial statement date after the derivative financial instrument contract takes effect. In this way, the valuation basis of accounting is no longer a single historical cost, but at least a dual valuation basis in which historical cost and fair value coexist. Different accounting valuation bases adapt to the valuation requirements of different economic businesses.
4. Reform accounting statements. To meet the information disclosure requirements of derivative financial instruments, the most feasible way is to reform the traditional accounting statements, such as assets or liabilities are classified not only by liquidity, but also by financial assets or liabilities and non-financial assets and liabilities; For non-financial assets and liabilities, we can follow the current practice, that is, arrange them in the order of liquidity; Financial assets and liabilities can be ranked according to the risk. It should be ranked according to the degree of risk, because people tend to pay special attention to risk. Another example is the reform of off-balance sheet notes, so that some derivative financial instruments belonging to off-balance sheet items can be fully disclosed. For the important information that can't be disclosed after the reform, we can consider adding a "list of derivative financial instruments", which lists the category, risk coefficient, fair value, maturity date, holding date and so on. The report of derivative financial instruments, so that the report users can make correct judgments and decisions.
To sum up, derivative financial instruments have had a great impact on the current accounting theory, so on-the-job training can enhance their experience in carrying out various capital verification businesses and improve their ability to analyze and solve problems.
2. Strengthen risk education and enhance self-prevention awareness.
Capital verification is a work with high risk coefficient, and risk awareness should run through every link and detail of capital verification. In the specific operation of capital verification, certified public accountants can not only examine accounting books, accounting statements and relevant vouchers. For large cash investments, go to the financial department for investigation and evidence collection; For those with large physical investment and high price, we should also go to the site for investigation and investigation. For the funded projects with large quantity, small quantity and low price, it is difficult to carry out on-site inspection and field investigation, the applicant must submit sufficient certificates to confirm them.
3. Strengthen customer management and improve internal management mechanism.
Strengthening customer verification is the premise of improving the quality of capital verification. At present, China's accounting firms generally lack knowledge of customers, which is one of the main reasons for the decline in the quality of capital verification in recent years. The effective way to prevent and reduce this kind of disputes is that accounting firms should first investigate the basic situation of customers before signing contracts with customers, and secondly, they should be extra cautious about customers with other intentions. In the process of verification, serious and effective verification procedures and methods are adopted. When examining the contribution of intangible assets such as intellectual property rights, non-patented technologies and land use rights, we should focus on verifying the rationality of their ownership and pricing; When examining the contribution of net assets, the related assets and liabilities shall be audited to verify the authenticity and legality of the contribution of net assets. At the same time, accounting firms should further improve their internal management, implement the responsibility system and review the working papers system, that is, implement the responsibility of each project to people, so as to urge certified public accountants to minimize mistakes and draw correct conclusions; Review and check the working papers of capital verification, so as to correct the mistakes in time and support the correctness of the capital verification conclusion.
4. Strengthen publicity and widely adapt to social needs.
At present, there are more than 100 accounting firms in Shanghai, but their social influence is far less well-known. Which accounting firm has a good reputation, which CPA has a high level, or which CPA is proficient in a certain field, and so on. Most of them are unknown or unrecognized. In the vast accounting market space, firms of different sizes can apply for different qualifications and engage in different types of business, that is, large firms do big business and small firms do small business, each with its own advantages and development. Creating and publicizing its own service brand will certainly promote the rational division of labor of the CPA industry and the continuous improvement of the capital verification level of the whole industry.
The purpose of audit is to strengthen management and improve efficiency. Through enterprise benefit audit, enhance enterprise management consciousness, responsibility consciousness and efficiency consciousness, ensure the preservation and appreciation of state-owned assets and serve the development of enterprises. In the implementation of enterprise benefit audit, we should pay attention to the following key issues:
Sound and effective internal control system
The internal control system is the sum total of various internal elements established in the process of realizing management, which mainly includes administrative control, production control, quality control, supply and marketing control, labor management control, accounting management control, information management feedback control and internal audit control. Through the evaluation of the above control system, it is suggested whether the internal control of the audited entity is complete and sound, so as to play its economic control function; Whether it has really been put into practice and played its due role; Whether the system cost is lower than the abnormal economic loss that can be reduced or the economic benefit that can be increased after the control is implemented in the process of system establishment and operation; Whether the completeness, effectiveness and economy have always maintained the same or similar level in several consecutive accounting periods; Whether it can safely play its normal control function under the condition of internal and external interference.
Second, the necessity, legality, rationality and integrity of the economic contract
Auditing and supervising the signing, execution and results of economic contracts can help enterprises improve the terms of economic contracts and avoid potential economic disputes; Second, it can strengthen the internal control mechanism of enterprises, strengthen the responsibilities of relevant business departments and avoid operational risks; Third, the legitimate rights and interests of the parties to the contract can be safeguarded according to law. The main contents of the audit:
1, review the necessity of signing an economic contract. This paper mainly investigates whether enterprise resources can meet this need; Whether it has been included in the enterprise's production and operation plan, investment plan or other plans, and meets the requirements of the plan; Whether the corresponding budget has been arranged.
2. Review the legality, compliance and rationality of economic contracts. Mainly examine whether economic activities comply with the provisions of national laws and regulations, and whether there are acts that violate national interests or social public interests; Whether it meets the requirements of the enterprise's operating principles, policies and plans, and whether the performance of the contract can bring expected benefits; Whether the other party's subject qualification is legal and whether the parties who signed the contract have the right to sign the contract; Whether the other party has the ability and sincerity to issue a contract; Whether the reasons for choosing the other party to sign the contract are sufficient and whether there are other better signing parties.
3. Review whether the terms and contents of the economic contract are complete and whether the meaning is clear and accurate. Mainly check whether the name of the object is standard; Check whether the quantity in the quality report is correct; Review whether the price and remuneration are clear and reasonable; To examine whether the time limit, place and method of contract performance are clear and reasonable; Whether the liability for breach of contract is clear.
4. For the audit of some major economic contracts, we should also seek the opinions of legal advisers and experts in related fields, fully improve the contract terms, and prevent any legal or technical problems in the contract.
Third, the security and efficiency of monetary fund management.
The monetary funds of an enterprise include cash, bank deposits and other monetary funds. Due to the strong liquidity of monetary funds, in order to avoid the loss of enterprise assets and protect the safety and integrity of property, enterprises should strengthen the custody of monetary funds and establish a monetary fund custody system. Therefore, in addition to auditing the income and expenditure of monetary funds, auditors should also audit the custody system of monetary funds. The key point is to check the existence and effectiveness of the enterprise's monetary fund custody system, count the actual amount of monetary funds, prevent wrong payment and fraud, and ensure the safety and integrity of monetary funds. At the same time, it is necessary to audit the utilization effect of monetary funds. If the control of monetary funds fails, it will either lead to insufficient balance of monetary funds, unable to meet the daily expenditure needs of enterprises, and lead to financial crisis, until it affects the normal production and operation of enterprises; Otherwise, the holding level of monetary funds is too high, which makes a considerable part of the funds of enterprises "precipitate" in a state of no income or low income, and will also reduce the economic benefits of enterprises. Minimize the idle amount of monetary funds, maintain the best balance of monetary funds, speed up the turnover of funds, improve the utilization effect of monetary funds, and improve the economic benefits of the whole enterprise.
Fourth, the potential loss of non-performing assets.
The audit of non-performing assets mainly examines long-term unsettled accounts in bank deposits and dormant accounts in foreign deposits; Review accounts receivable, prepayments and other accounts receivable in dormant accounts; Review the impairment of purchased materials, finished products, self-made semi-finished products, production costs and goods issued in installments; Check the unrecoverable investment income and unrecoverable investment principal that have been recorded; Review the scrapped and damaged fixed assets with no use value, fixed assets with intangible losses due to falling market prices and technological progress, and fixed assets with book value higher than actual value due to no depreciation or less depreciation; Review the scrapped or damaged parts of the project, scrapped or damaged engineering materials and the projects under construction whose construction cost is greater than the market value due to the long construction period; Review intangible assets whose book value is higher than the actual value due to impairment and which are not amortized or less amortized due to technological progress; Review the expenses that should be amortized but not amortized, the losses that should be carried forward but not carried forward, and the upside-down welfare expenses caused by the welfare expenses exceeding the withdrawal amount. Summarize and calculate the non-performing assets found in the audit, truthfully reflect the quality structure of the enterprise's asset stock, and correctly evaluate the enterprise's operating performance.
1. Employee recruitment audit. Review the time cost of filling vacancies and whether it is measured; Whether the recruitment activity is approved; Whether the turnover rate is too high; Whether the vacancy information is made public internally; Whether it has been tested before employment; Whether there is an employment recommendation procedure.
2. Review of salary. To examine whether the rights and interests of workers (including wages, welfare and insurance) are clearly stipulated in the enterprise contract, whether they are implemented or not, and whether they are in conflict with relevant national systems; Review whether the performance appraisal is consistent with the salary payment plan it contacts; Check whether there is a clear wage scale and floating range.
3. Training and development audit. Review whether there is a formal training and development plan; Review whether there are provisions on training basis, training plan, cost budget and training methods; Review whether the training of employees has achieved the expected results and benefits.
4. Manpower planning audit. See if a manpower planning system has been established; Review whether the content of manpower planning includes post planning, personnel supplementary planning, education and training planning, manpower distribution planning, etc.
5. Human resource welfare audit. Mainly check whether the organizational structure is reasonable; Whether the internal personnel of the organization are reasonable and whether the work is coordinated; Whether the personnel adapt to the post, and whether there is a waste of human resources caused by the mismatch between the professional knowledge of the personnel and their jobs.
6. Audit employee safety and work safety. Review whether employees' employment insurance benefits have been paid; Whether there is a safety accident and its handling; Whether the production department has safety measures and their implementation.
7, human resources effect audit. Check the skills and qualifications of HR staff, whether they are all-rounders, and whether they have received special training when entering the HR department; Whether the human resources department has collected the human resources management information of other advanced companies and made benchmarking comparison.
VI. Risks of enterprise financing and investment
The financing and investment of enterprises, like production and sales, are decisive activities related to the lifeline of the organization economy. The benefit of financing and investment is an important factor to determine its ultimate success or failure. After all, an enterprise's operating funds are limited and it is difficult to be self-sufficient. When enterprises need funds, some may borrow money from banks, and some may issue stocks. These are all fund-raising activities. When an enterprise has abundant funds, if there are good opportunities to make money, such as buying stocks and bonds, or jointly investing in starting a business, this is an investment activity. In this activity, the focus is on the audit of loans and investments. The main purpose of loan audit is to understand whether the loan is necessary, whether the use is reasonable, whether the loan plays its greatest role, how the corresponding income is, and whether the loan proportion structure is reasonable. For example, when we audit an enterprise, we find that its bank deposit balance is more than 2 billion, but at the same time, there are more than 300 million bank loans, and it is a complete waste to pay the loan interest1000 million every year. Audit of investment: firstly, audit the investment decision and plan to see whether the enterprise's analysis of the potential income of the invested company is correct and whether the information on which the analysis is based is sufficient and reliable; The second is to review investment.