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1、2019/6/6,Comparative Study on Measures of Window Dressing,1,财务报表粉饰与分析,黄世忠 教授 Ph.D CPA MBA 厦门大学管理学院副院长 电话：0592-2513179 13906016965 电子邮件：,2019/6/6,Comparative Study on Measures of Window Dressing,2,讲 授 大 纲,美国上市公司报表粉饰概述 美国上市公司报表粉饰的典型手段 CFE调查报告总结的典型手段 AICPA最新审计准则对舞弊的描述 SEC前主席Arthur Levitt的观点 审计总署（GAO）的调
2、查 中国上市公司报表粉饰的典型手段 报表粉饰的传统手段 报表粉饰的现代手段 中国上市公司报表粉饰典型案例分析 财务报表分析框架（Harward Model of F.S.A) 附录：Sarbanes-Oxley Act 简要介绍该法案对独立董事的启示，特别是与CPA沟通应注意的问题,2019/6/6,Comparative Study on Measures of Window Dressing,3,Overview of Financial Fraud,2019/6/6,Comparative Study on Measures of Window Dressing,4,Biggest U.
3、S Bankruptcies Since 1980,2019/6/6,Comparative Study on Measures of Window Dressing,5,Debts owned to Banks and Institutional Investors by WorldCom ( Total Assets: BV $ 107 billion; MV $15 billion; Total Debts $41 billion),$ in million,2019/6/6,Comparative Study on Measures of Window Dressing,6,Merck
4、 Faked Revenue,2019/6/6,Comparative Study on Measures of Window Dressing,7,Financial Frauds and Independent Directors,Overview of financial frauds or earnings management 其他公司 Microsoft, GE, IBM, Boeing, Lucent, Cisco, Oracle, AOL, Nortel, Qwest, Tyco, Global Crossing, Cendant, WMX, Sunbeam, Adelphia
5、,2019/6/6,Comparative Study on Measures of Window Dressing,8,CFEs Classification Scheme,Fraud,Corruption,Asset Misappropriation,Fraudulent Statements,Conflicts of Interest,Bribery,Illegal Gratuities,Economic Extortion,Cash,Fraudulent Disbursements,Inventories and All Other Assets,Bogus Revenue,Timin
6、g Differences,Concealed L & E,Improper Disclosure,Improper Valuation,2019/6/6,Comparative Study on Measures of Window Dressing,9,CFE: Duration of by Scheme Type,2019/6/6,Comparative Study on Measures of Window Dressing,10,CFE: Initial Detection of Fraud,发现舞弊方法及比例 雇员举报 26.3% 偶然发现 18.8% 内部控制 18.6% 内部审
7、计 15.4% 外部审计 11.5% 客户举报 8.6% 匿名举报 6.2% 卖方举报 5.1% 执法部门通报 1.7%,2019/6/6,Comparative Study on Measures of Window Dressing,11,CFE: Effective Measures to Prevent Fraud,2019/6/6,Comparative Study on Measures of Window Dressing,12,SAS 99 :Consideration of Fraud in a Financial Statement Audit,AICPA恢复公众信任的一个
8、重大举措 2002.10.15，AICPA发布采纳SAS 99的决定 取代SAS 82 （1996） 自2002年12月15日生效 SAS将在2002年10月末或11月初正式颁布,2019/6/6,Comparative Study on Measures of Window Dressing,13,Significant Changes in the New Fraud Standard,4个重大变化 进一步强调职业怀疑（Professional Skepticism)的重要性 对舞弊及其特征进行描述 要求审计小组应当直面舞弊 应当具有职业怀疑的心态（Mindset of PS)重大变化 实
9、施意想不到的审计测试（Unpredictable Audit Tests) 对客户没料到的地区、场所和账户进行测试 对管理当局逾越控制（Override of Control)作出反映 提出测试管理当局逾越控制的审计程序,2019/6/6,Comparative Study on Measures of Window Dressing,14,Description and Characteristics of Fraud,1个关键要素 舞弊是蓄意行为（Intentional Behavior) 舞弊是个法律概念，CPA不对某项行为是否属于舞弊作出法律决定 舞弊与差错的差别在于是否故意造成错报或
10、漏报 实际工作中难以判断，如不合理会计估计（Unreasonable Accounting Estimates) 2种舞弊类型 虚假财务报告产生的错报 Misstatements arising from fraudulent financial reporting 挪用资产产生的错报 Misstatements arising from misappropriation of Assets,2019/6/6,Comparative Study on Measures of Window Dressing,15,Description and Characteristics of Fraud,
11、3个必备条件 动机或压力 Management or employees have an incentive or are under pressure 机会 Circumstances exist (e.g. absence of control, ineffective control, ability of management to override controls) that provide an opportunity for a fraud to be perpetrated 理由 Those involved are able to rationalize a fraudul
12、ent act as being consistent with their personal code of ethics,2019/6/6,Comparative Study on Measures of Window Dressing,16,Triangle of Fraud,Albrecht el.al 提出的舞弊铁三角,Pressure,Opportunity,Rationalization,Fraud,2019/6/6,Comparative Study on Measures of Window Dressing,17,Arthur Levitts Comments on “ N
13、umber Game”,5 Methods Game Playing identified by Levitt Big-bath charges ( 洗大澡或巨额冲销） Creative acquisition accounting （创造性并购会计） Cook-jar reserves （甜饼盒式准备金） Revenue recognition （收入确认） Materiality （重大性）,2019/6/6,Comparative Study on Measures of Window Dressing,18,GAO : Restatement by Reason, 1997-2002,
14、2019/6/6,Comparative Study on Measures of Window Dressing,19,中国上市公司报表粉饰典型手段,报表粉饰的传统手段 收入确认 虚拟资产 期间费用资本化 股权投资 存货及应收账款 其他应收应付款 报表粉饰的现代手段 资产重组 关联交易 资产评估 补贴收入 八项准备 会计调整,2019/6/6,Comparative Study on Measures of Window Dressing,20,A公司的财务图象 (单位：万元）,2019/6/6,Comparative Study on Measures of Window Dressing
15、,21,A公司 2001年度减值明细表(单位：万元）,2019/6/6,Comparative Study on Measures of Window Dressing,22,三、A公司案例 - 巨额冲销,A公司对巨额坏账的解释 应收账款的坏账准备 关联公司,2019/6/6,Comparative Study on Measures of Window Dressing,23,A公司案例 - 巨额冲销,非关联方欠款：S Co.Ltd, Au Co.Ltd，其他出口经商商、国内客户,2019/6/6,Comparative Study on Measures of Window Dressin
16、g,24,A公司案例 - 巨额冲销,其他应收账款的坏账准备 关联公司,2019/6/6,Comparative Study on Measures of Window Dressing,25,A公司案例 - 巨额冲销,其他应收账款的坏账准备 非关联公司,2019/6/6,Comparative Study on Measures of Window Dressing,26,A公司的八大疑点,巨额坏账准备与以前年度收入确认的关系？ 在本年度主营业务收入只有5187万元的情况下，为何本年度增加对关联方的应收账款竟达到25,436万元？ 为何本年对非关联方增加的应收账款高达8496万元？ 本年度对关
17、联方的应收账款和其他应收款计提的坏账准备高达93,280万元，主要理由是联系不到。为何联系不到？谁应当承担责任？是否存在违法违规行为？以前年度坏账准备计提比率为何如此之低？ 本年度对非关联方的应收账款和其他应收款计提的坏账准备也高达70,386万元，主要理由是联系不到或资不抵债。是否存在违法违规行为？以前年度坏账准备计提比率为何如此之低？ 应收关联方和非关联方的上述款项全额计提坏账准备，累计金额高达206,302万元。背后的真实故事是什么？虚假收入？收入确认违反规定？关联公司和非关联公司逃废债务？将来若由收回，如何进行会计处理？ 全额计提的坏账若今后又收回，如何进行会计处理？ 对这样的丧失持续
18、经营能力（净资产-225,724万元）、应收账款内部控制缺失、随意计提巨额坏账的公司，CPA发表无保留意见的依据何在？,2019/6/6,Comparative Study on Measures of Window Dressing,27,B公司案例：抵债背后的真实故事,经营业绩一览表,2019/6/6,Comparative Study on Measures of Window Dressing,28,B公司经营业绩的嬗变 (单位：%）,2019/6/6,Comparative Study on Measures of Window Dressing,29,B公司财务状况的嬗变 (单位：
19、万元）,财务状况一览表,2019/6/6,Comparative Study on Measures of Window Dressing,30,B公司财务状况的嬗变 (单位：%）,财务状况一览表,2019/6/6,Comparative Study on Measures of Window Dressing,31,B公司,利润结构,2019/6/6,Comparative Study on Measures of Window Dressing,32,B公司,利润结构,2019/6/6,Comparative Study on Measures of Window Dressing,33,
20、B公司,利润结构,2019/6/6,Comparative Study on Measures of Window Dressing,34,B公司,利润结构,2019/6/6,Comparative Study on Measures of Window Dressing,35,B公司 (单位：万元）,投资收益与现金流量,2019/6/6,Comparative Study on Measures of Window Dressing,36,B公司,投资收益构成,2019/6/6,Comparative Study on Measures of Window Dressing,37,B公司,2
21、001巨亏的原因剖析 董事会的说明 董事会的信号发送 B公司董事永远是正确的 都是企业会计制度和新闻媒体惹的祸 不是B公司无能，而是市场竞争太激励 存在的疑问 为何不说明资产减值的原因？ 为何不说明2000年度抵债的影响？,2019/6/6,Comparative Study on Measures of Window Dressing,38,B公司,营业外支出,2019/6/6,Comparative Study on Measures of Window Dressing,39,B公司,资产减值的原因 2000年6月份大股东的抵债交易 短期贷款 23,099,247.00 短期投资 664
22、,095,572.75 应提多少准备？ 应收账款 38,720,381.38 1,936,029.37 其他应收款 553,011,748.85 27,650,587.44 其他应付款 3,246,949.98 合 计 1,275,680,000.00 其他关联交易 1998年年末向大股东及其他关联方提供资金余额为1,103,594,212.82元，收取利息131,084,164.92元，占当年利润总额87.3% ，占净利润 111.1% 1999年末向大股东及其他关联方提供的资金余额为805,704,235.42元，收取利息 92,219,696.20元，占当年利润总额50.6%，占净利润5
23、9.4%,2019/6/6,Comparative Study on Measures of Window Dressing,40,B公司,2000年度因抵债，向大股东及其他关联企业提供资金的年末余额为零，收取的利息为46,760,153.38元，占当年利润总额367.7%，占净利润852.6% 抵偿的资产及其减值,2019/6/6,Comparative Study on Measures of Window Dressing,41,C公司案例： “巨额冲销+销售退回”背后的故事“奇圣胶囊”演绎的神话,经营业绩一览表,2019/6/6,Comparative Study on Measure
24、s of Window Dressing,42,C公司：2001年度上下半年的反差,经营业绩一览表,2019/6/6,Comparative Study on Measures of Window Dressing,43,C公司：净利润与经营业绩的反差,NI v.s CFFOA,2019/6/6,Comparative Study on Measures of Window Dressing,44,C公司-经营活动产生的现金流量,CFFOA：2001v.s 2000,2019/6/6,Comparative Study on Measures of Window Dressing,45,C-令
25、人费解的现金流入流出项目,收到或支付的其他与经营活动有关的现金流量,2019/6/6,Comparative Study on Measures of Window Dressing,46,C公司：2000-2002股价最高、最低,2019/6/6,Comparative Study on Measures of Window Dressing,47,C公司-“奇圣胶囊”的功效,“奇圣胶囊”对主营业务的贡献,2019/6/6,Comparative Study on Measures of Window Dressing,48,C公司-“成也萧何，败也萧何”,董事会对“奇圣胶囊”迥然不同的说法
26、,2019/6/6,Comparative Study on Measures of Window Dressing,49,C公司-价值连城？一文不值？,“奇圣胶囊”的价值变迁,2019/6/6,Comparative Study on Measures of Window Dressing,50,D公司案例-高科技公司的法宝R&D,2、利用研究开发费用调节利润 上市公司类型 高科技上市公司 做法 以收入与成本配比为由，将R & D 计入长期待摊费用、在建工程或固定资产 典型案例剖析 D公司,2019/6/6,Comparative Study on Measures of Window Dr
27、essing,51,D公司：经营业绩变动趋势,2019/6/6,Comparative Study on Measures of Window Dressing,52,D公司：净利润与现金流量之反差,2019/6/6,Comparative Study on Measures of Window Dressing,53,D公司：2000年度净利润创新高的秘笈,2019/6/6,Comparative Study on Measures of Window Dressing,54,D公司案例-高科技公司的法宝R&D,2001年报的解释 董事会报告的说明 重大事项说明 其他疑问 2001年研发费用
28、支出多少？是否存在推迟研发支出时间的现象？ 1999年度是否存在将研发费用资本化的现象？ 1999年长期待摊费用只有几十万，但当年在建工程增加了4.33亿元，研发费用是否混迹其中？ R & D 费用化后，上市公司是否应当披露当期发生的研发支出？占收入的比例？同行业或主要竞争对手在研发费用的投资收入应否披露？ CPA如何判断在建工程、固定资产、无形资产是否包括研发费用？ 如果上市公司与关联企业合作进行研发，然后将研发成果转让给上市公司，如何进行会计处理？,2019/6/6,Comparative Study on Measures of Window Dressing,55,E公司案例-“知错必
29、改”,3、利用会计差错更正调节利润 情形 会计违规被监管部门稽查发现 面临ST或退市边缘 更换会计师事务所 更换大股东 更换高管人员 做法 以时间换空间，某一年度明知故犯，下一年度再予以更正 典型案例剖析 P公司,2019/6/6,Comparative Study on Measures of Window Dressing,56,P公司案例-“知错必改”,2001年报关于“会计差错更正”的披露（疑点之一） 根据企业会计制度，公司本年度调减2001年年初留存收益13,296,326.62元，其中调减了2000年年初留存收益 14,579,451.77元；调增2000年度的净利润1,283,1
30、25.15元。调整原因如下：,2019/6/6,Comparative Study on Measures of Window Dressing,57,PT百花村案例-“知错必改”,A、坏账准备追溯调整 2001年2月本公司收到人民法院”民事裁定书，由于被执行人XX电器有限公司、XX有限责任公司已停业，无任何财产，裁定“支付令”终结执行。本公司2000年及以前年度计提坏账时未考虑以上因素，故本年在核销XX电器有限公司、XX有限责任公司应收账款时对上述坏账准备进行了更正 Note: Audit report for 2000 dated March 2001, what are the impl
31、ications? Subsequent event, type 1 or type 2? Is this accounting treatment justifiable? In what grounds?,2019/6/6,Comparative Study on Measures of Window Dressing,58,PT百花村案例-“知错必改”,B、长期股权投资减值准备追溯调整 XX发展中心长期经营状况不佳，XX高新技术开发区行政管理局于1998年7月21日公告吊销了该公司的营业执照。以上投资在2000年以前已全部形成损失，公司本年度核销了对其的投资，并对长期投资计提了减值准备。
32、 C、利息等费用追溯调整 公司在1997年-1998年欠XX贸易发展中心利息，当时股份公司主办会计将利息单在本人抽屉中未进行账务处理，2001年对账时发现，就进行了追溯调整。 D、赔偿支出追溯调整 本公司在2000年7月29日发生特大交通事故，死亡11人，应该在2000年度赔偿死者家属45万元，因资金紧张还差24万元未赔付也未进行挂账，另外本公司与一商户于2000年解除了租赁合同，应赔付23万元，因资金紧张，只赔付了7万元，本公司漏计以上业务，本年度进行了追溯调整。,2019/6/6,Comparative Study on Measures of Window Dressing,59,PT百
33、花村案例-“知错必改”,E、代销收入追溯调整 系分公司XX购物中心将2000年代销商品产生的收入2000年未入账，计入2001年度。应进行追溯调整。 F、预计负债追溯调整 本公司于1995年12月为XX有限责任公司提供300万元三年期技改贷款担保，该项贷款已于1998年12月到期。目前该借款尚未归还。由于该公司长期以来财务状况不佳，无力偿还借款。对以上担保应预计负债，本公司漏计此笔业务，本年度对此进行了更正。,2019/6/6,Comparative Study on Measures of Window Dressing,60,G公司案例-“控股权变动=业绩增长”,股权变动 1999年，原第
34、一大股东与XYZ科技发展有限公司签定了股份转让合同书，但尚未办理过户手续 经营权实质上从1999年起托管给XYZ 2000年XYZ入主G公司 经营业绩显著改善 1998至2001年的经营成果,2019/6/6,Comparative Study on Measures of Window Dressing,61,控股权变动前后的G公司经营业绩 (单位：万元）,2019/6/6,Comparative Study on Measures of Window Dressing,62,控股权变动前后的G公司经营业绩 (单位：万元）,2019/6/6,Comparative Study on Meas
35、ures of Window Dressing,63,奥秘所在来自分行业的资料,2019/6/6,Comparative Study on Measures of Window Dressing,64,G公司毛利率,2019/6/6,Comparative Study on Measures of Window Dressing,65,G公司案例-“控股权变动=业绩增长”,审计问题 CPA连续四年均发表标准无保留意见 CPA确认技术服务收入的依据 技术服务合同 主要为软件开发服务，一页纸，开发周期3至6个月 银行进账单或函证 疑点 CPA是否评估该公司是否具有软件开发能力？ CPA是否审计该公
36、司开发的软件或提供的服务？ 软件服务1999年只有收入，没有成本，2000至2001年的毛利率也高达90%以上，CPA为何没有保持应有的职业谨慎？ CPA是否合理地怀疑这部分收入来源的合法性？,2019/6/6,Comparative Study on Measures of Window Dressing,66,财务分析框架,1、From Business Activities to Financial Statements,Business Activities Operating Activities Investment Activities Financing Activities,
37、Accounting System Measure and Report Economic Consequences of Business Activities,Financial Statements Managers Superior inf. On Business Activities Estimation Errors Distortions fm Managers Accounting Choices,Business Environment Labor Markets Capital Markets Product Markets Supplier Customers Comp
38、etitors Business Regulations,Accounting Environment Capital Market Structure Contracting & Governance Accounting Conventions And Regulations Tax & Financial Accounting Linkage Third-party Auditing Legal System for Accounting Disputes,Business Strategy Scope of Business: Degree of Diversification Typ
39、e of Diversification Competitive Positioning: Cost Leadership Differentiation Key Success Factors and Risk,Accounting Strategy Choice of Acctg Policies Choice of Acctg Estimates Choice of Reporting Format Choice of Supplementary Disclosures,2019/6/6,Comparative Study on Measures of Window Dressing,6
40、7,财务报表分析框架,2、Doing Business Analysis Using Financial Statements,Financial Statements Managers superior inf on business activities Noise from estimation errors Distortions from managers acctg choices Other Public Data Industry and firm data Outside financial statements,Business Application Context Cr
41、edit analysis Securities analysis Mergers and acquisition analysis Debt/dividend analysis Corporate communication strategy analysis General business analysis,Analysis Tools,Business Strategy Analysis Generate performance expectations through Industry analysis and competitive strategy Analysis,Accoun
42、ting 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,2019/6/6,Comparative Study on Measures of Window Dressing,68,会计分析,1、Doing Acco
43、unting Analysis Step 1: Identify key accounting policies Step 2: Access accounting flexibility Step 3: Evaluate accounting strategy Key questions How do the firms accounting policies compare to the norms in the industry? If they are different, is it because the firms competitive strategy is unique?
44、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 firms policies and estimates been realistic in the past? Does the firm structure any sig
45、nificant business transactions so that it can achieve certain accounting objectives?,2019/6/6,Comparative Study on Measures of Window Dressing,69,会计分析,Step 4: Evaluate the quality of disclosure Key questions Does the firm provide adequate disclosure to assess the firms business strategy and its econ
46、omic consequences? Do the footnotes adequately explain the key accounting policies and assumptions and their logic? Does the firm adequately explain its current performance? (MD&A) If accounting rules and conventions restrict the firm from measuring its key success factors appropriately, does the fi
47、rm 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 forthcoming is the management with respect to bad news? How good is the firms investor relations pr
48、ogram? Does the firm provide fact books with detailed data on the firms business and performance? Is the management accessible to analysts?,2019/6/6,Comparative Study on Measures of Window Dressing,70,会计分析,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 Un