财务报表粉饰与分析2精编版.ppt

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1、财务报表粉饰与分析 黄世忠 教授 Ph.D CPA MBA 电话：电子邮件：5/2/20231Comparative Study on Measures of Window Dressing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

2、该法案对独立董事的启示，特别是与CPA沟通应注意的问题5/2/20232Comparative Study on Measures of Window DressingOverview of Financial Fraud5/2/20233Comparative Study on Measures of Window DressingBiggest U.S Bankruptcies Since 19805/2/20234Comparative Study on Measures of Window DressingDebts owned to Banks and Institutional I

3、nvestors by WorldCom(Total Assets:BV$107 billion;MV$15 billion;Total Debts$41 billion)$in million5/2/20235Comparative Study on Measures of Window DressingMerck Faked Revenue5/2/20236Comparative Study on Measures of Window DressingFinancial Frauds and Independent DirectorsOverview of financial frauds

4、 or earnings management其他公司Microsoft,GE,IBM,Boeing,Lucent,Cisco,Oracle,AOL,Nortel,Qwest,Tyco,Global Crossing,Cendant,WMX,Sunbeam,Adelphia5/2/20237Comparative Study on Measures of Window DressingCFEs Classification SchemeFraudCorruptionAssetMisappropriationFraudulentStatementsConflicts of InterestBri

5、beryIllegal GratuitiesEconomic ExtortionCashFraudulentDisbursements Inventories andAll Other AssetsBogus RevenueTiming DifferencesConcealed L&EImproper DisclosureImproper Valuation5/2/20238Comparative Study on Measures of Window DressingCFE:Duration of by Scheme Type5/2/20239Comparative Study on Mea

6、sures of Window DressingCFE: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%5/2/202310Comparative Study on Measures of Window DressingCFE:Effective Measures to Prevent Fraud5/2/202311Comparative Study on Measures of Window D

7、ressingSAS 99:Consideration of Fraud in a Financial Statement AuditAICPA恢复公众信任的一个重大举措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5/2/202312Comparative Study on Measures of Window DressingSignificant Changes in the New Fraud Standard4个重大变化进一步强调职业怀疑（Professional Ske

8、pticism)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5/2/202313Comparative Study on Measures of Window DressingDescription and Characteristics of Fraud1个关键要素舞弊是蓄意行为（Intentional Beh

9、avior)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 Assets5/2/202314Comparative Study on Measures of Window Dres

10、singDescription and Characteristics of Fraud3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

11、are able to rationalize a fraudulent act as being consistent with their personal code of ethics5/2/202315Comparative Study on Measures of Window DressingTriangle of FraudAlbrecht el.al 提出的舞弊铁三角PressureOpportunityRationalizationFraud5/2/202316Comparative Study on Measures of Window DressingArthur Lev

12、itts Comments on“Number Game”5 Methods Game Playing identified by LevittBig-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）5/2/202317Comparative Study on Measures of Window DressingGAO:Restatement by Reason,1997-20025

13、/2/202318Comparative Study on Measures of Window Dressing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5/2/202319Comparative Study on Measures of Window DressingA公司的财务图象 (单位：万元）5/2/202320Comparative Study on Measures of Window DressingA公司 2001年度减值明细表(单位：万元）

14、5/2/202321Comparative Study on Measures of Window Dressing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5/2/202322Comparative Study on Measures of Window DressingA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5/2/202323Comparative Study on Measures of Window DressingA公司案例-巨额冲销其他应收账款的坏账准备关联公司5/2/202324Compara

15、tive Study on Measures of Window DressingA公司案例-巨额冲销其他应收账款的坏账准备非关联公司5/2/202325Comparative Study on Measures of Window DressingA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？

16、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？5/2/202326Co

17、mparative Study on Measures of Window DressingB公司案例：抵债背后的真实故事 经营业绩一览表5/2/202327Comparative Study on Measures of Window DressingB公司经营业绩的嬗变 (单位：%）5/2/202328Comparative Study on Measures of Window DressingB公司财务状况的嬗变 (单位：万元）财务状况一览表5/2/202329Comparative Study on Measures of Window DressingB公司财务状况的嬗变 (单位：

18、%）财务状况一览表5/2/202330Comparative Study on Measures of Window DressingB公司 利润结构5/2/202331Comparative Study on Measures of Window DressingB公司 利润结构5/2/202332Comparative Study on Measures of Window DressingB公司 利润结构5/2/202333Comparative Study on Measures of Window DressingB公司 利润结构5/2/202334Comparative Study

19、 on Measures of Window DressingB公司(单位：万元）投资收益与现金流量5/2/202335Comparative Study on Measures of Window DressingB公司投资收益构成5/2/202336Comparative Study on Measures of Window DressingB公司2001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？5/2/202337Comparat

20、ive Study on Measures of Window DressingB公司营业外支出5/2/202338Comparative Study on Measures of Window DressingB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 664,095,572.75 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

21、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59.4%5/2/202339Comparative Study on Measures of Window DressingB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

22、及其减值5/2/202340Comparative Study on Measures of Window DressingC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5/2/202341Comparative Study on Measures of Window DressingC公司：2001年度上下半年的反差 经营业绩一览表5/2/202342Comparative Study on Measures of Window DressingC公司：净利润与经营业绩的反差 NI v.s CFFOA5/2/202343Comparative Study

23、on Measures of Window DressingC公司-经营活动产生的现金流量CFFOA：2001v.s 20005/2/202344Comparative Study on Measures of Window DressingC-令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5/2/202345Comparative Study on Measures of Window DressingC公司：2000-2002股价最高、最低5/2/202346Comparative Study on Measures of Window DressingC公司-“奇圣胶

24、囊”的功效“奇圣胶囊”对主营业务的贡献5/2/202347Comparative Study on Measures of Window DressingC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5/2/202348Comparative Study on Measures of Window DressingC公司-价值连城？一文不值？“奇圣胶囊”的价值变迁5/2/202349Comparative Study on Measures of Window DressingD公司案例-高科技公司的法宝R&D2、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

25、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5/2/202350Comparative Study on Measures of Window DressingD公司：经营业绩变动趋势 5/2/202351Comparative Study on Measures of Window DressingD公司：净利润与现金流量之反差 5/2/202352Comparative Study on Measures of Window DressingD公司：2000年度净利润创新高的秘笈 5/2/202353Comparative Study on Measure

26、s of Window DressingD公司案例-高科技公司的法宝R&D2001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？5/2/20

27、2354Comparative Study on Measures of Window DressingE公司案例-“知错必改”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 5/2/202355Comparative Study on Measures of Window DressingP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

28、2000年年初留存收益 14,579,451.77元；调增2000年度的净利润1,283,125.15元。调整原因如下：5/2/202356Comparative Study on Measures of Window DressingPT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 20

29、00 dated March 2001,what are the implications?Subsequent event,type 1 or type 2?Is this accounting treatment justifiable?In what grounds?5/2/202357Comparative Study on Measures of Window DressingPT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

30、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。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。5/2/202358Comparative Study on Measures of

31、 Window DressingPT百花村案例-“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。5/2/202359Comparative Study on Measures of Window DressingG公司案例-“控股权变动=业绩增长”股权变

32、动1999年，原第一大股东与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XYZ2000年XYZ入主G公司经营业绩显著改善1998至2001年的经营成果5/2/202360Comparative Study on Measures of Window Dressing控股权变动前后的G公司经营业绩 (单位：万元）5/2/202361Comparative Study on Measures of Window Dressing控股权变动前后的G公司经营业绩 (单位：万元）5/2/202362Comparative Study on Measure

33、s of Window Dressing奥秘所在来自分行业的资料5/2/202363Comparative Study on Measures of Window DressingG公司毛利率5/2/202364Comparative Study on Measures of Window DressingG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是否审计该公司开发的软件或提供的服务？软件服务1999年只有

34、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？5/2/202365Comparative Study on Measures of Window Dressing财务分析框架1、From Business Activities to Financial StatementsBusiness Activities Operating Activities Investment ActivitiesFinancing Activities Accounting SystemMeasure and Repo

35、rt Economic Consequences of Business ActivitiesFinancial StatementsManagers Superior inf.On Business ActivitiesEstimation Errors Distortions fm ManagersAccounting ChoicesBusiness EnvironmentLabor Markets Capital Markets Product Markets Supplier Customers CompetitorsBusiness RegulationsAccounting Env

36、ironmentCapital Market Structure Contracting&GovernanceAccounting Conventions And RegulationsTax&Financial AccountingLinkageThird-party Auditing Legal System for Accounting DisputesBusiness StrategyScope of Business:Degree of DiversificationType of Diversification Competitive Positioning:Cost Leader

37、ship Differentiation Key Success Factors andRisk Accounting StrategyChoice of Acctg Policies Choice of Acctg Estimates Choice of Reporting FormatChoice of Supplementary Disclosures 5/2/202366Comparative Study on Measures of Window Dressing 财务报表分析框架2、Doing Business Analysis Using Financial Statements

38、Financial StatementsManagers superior inf on business activities Noise from estimation errors Distortions from managers acctg choices Other Public DataIndustry and firm data Outside financial statements Business Application ContextCredit analysis Securities analysis Mergers and acquisition analysis

39、Debt/dividend analysis Corporate communication strategy analysis General business analysis Analysis ToolsBusiness Strategy AnalysisGenerate performance expectations throughIndustry analysis and competitive strategyAnalysis Accounting AnalysisEvaluate accounting quality By assessing accounting Polici

40、es and estimates Financial AnalysisEvaluate performance using ratios And cash flow analysis Prospective AnalysisMaking forecasts and value Business 5/2/202367Comparative Study on Measures of Window Dressing会计分析1、Doing Accounting AnalysisStep 1:Identify key accounting policies Step 2:Access accountin

41、g flexibilityStep 3:Evaluate accounting strategyKey questionsHow 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?Does management face strong incentives to use accounting discretion for earnings managem

42、ent?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 significant business transactions so that it can achieve certain accounting objectives?5/2/20236

43、8Comparative Study on Measures of Window Dressing 会计分析Step 4:Evaluate the quality of disclosureKey questionsDoes the firm provide adequate disclosure to assess the firms business strategy and its economic consequences?Do the footnotes adequately explain the key accounting policies and assumptions an

44、d 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 firm provide adequate additional disclosure to help outsiders understand how these factors are being manage

45、d?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 program?Does the firm provide fact books with detailed data on the firms business and performance?Is the manage

46、ment accessible to analysts?5/2/202369Comparative Study on Measures of Window Dressing会计分析Step 5:Identify potential red flagsCommon red flagsUnexplained changes in accounting policies and estimates,especially when performance is poorUnexplained transactions that boost profitsUnusual increases in acc

47、ount receivable in relation to sales increasesUnusual increases in inventories in relation to sales increasesAn increasing gap between a firms reported income and its cash flow from operating activitiesAn increasing gap between a firms reported income and its tax incomeA tendency to use financing me

48、chanisms like research and development partnerships and the sale of receivables with recourseLarge fourth-quarter or fist-quarter adjustmentsQualified audit opinions or change in independent auditors that are not well justifiedRelated-party transactions or transactions between related entitiesStep 6

49、:Undo accounting distortions4 approaches(refer to window-dressing of financial statements)5/2/202370Comparative Study on Measures of Window Dressing附录：Sarbanes-Oxley ActSarbanes-Oxley Act of 20022002.7.25参众两院通过，2002.7.30布什总统签署,主要内容包括7个方面1、设立Public Company Accounting Oversight Board（公众公司会计监察委员会）委员会的组

50、建和管理所有为证券发行公司出具审计报告的会计师事务所都必须向PCAOB备案PCAOB应当制定审计、质量控制和独立性的标准及规则PCAOB应当定期对备案的事务所进行检查PCAOB的调查及惩戒程序PCAOB对国外事务所的权力授权SEC对PCAOB进行监管5/2/202371Comparative Study on Measures of Window DressingSarbanes-Oxley Act SEC对GAAP的确认权力及对准则制定机构的要求SEC应当对转而采纳原则基础的会计准则进行专题研究，并在1年后向国会报告PCAOB的资金来源和运用2002.10.25 SEC任命了PCAOB的五名