The Research On Internal Control Information Disclosure Of Pharmaceutical Manufacturing Listed Companies

Pharmaceutical manufacturing is an important industry and is important to people’s life. Recent years, the industry has draw great attention of investors.It is necessary for the companies to strengthen the information disclosure to help the investors have a good understanding of the industry characteristics and strength in order to improve the "value image" and the financing ability. In2006, Shanghai stock exchange and Shenzhen stock exchange had promulgated the Shanghai Stock Exchange of The Listed Company’s Internal Control Guidelines and the Shenzhen Stock Exchange of The Listed Company’s Internal Control Guidelines Five ministries jointly issued Fundamental Guidelines of Enterprise Internal Control in2008requiring enterprise should disclose the internal control information. Five ministries jointly promulgated the Enterprise Internal Control Supporting Guidelines requiring that the listed company on the Shanghai stock exchange and the Shenzhen stock exchange carry out the Guidelines from January1,2012.The Enterprise Internal Control Supporting Guidelines has a normative instruction meaning to making perfecting in the internal control, internal control evaluation report and the internal control report by certified public accountants. Although the listed companies in Shanghai and Shenzhen are required carry out the Guidelines since2012, with different purposes and motives, enterprise will make best to keep up with the new Guidelines. This has raised new questions, how the Guidelines will affect the listed pharmaceutical companies on Shanghai and Shenzhen? Whether the listed companies will actively follow the Guidelines to make perfect the internal control? Whether the listed companies will voluntarily issue the internal control evaluation report and the internal control evaluation report will be more standardized? Will the internal control report by certified public accountants is more valuable? Considering the particularity of the pharmaceutical industry, will the listed pharmaceutical companies emphasize the particularity of the industry in the internal control disclosure? Will highlight the major points in the disclosure?In this paper I choose the pharmaceutical manufacturing industry in Shanghai and Shenzhen listed company’s internal control information as the object of study, analyzing the2011pharmaceutical manufacturing companies in the annual report, internal control self assessment report and the internal control report by certified public accountants and the board of supervisors, independent directors to internal control evaluation report published self evaluation opinions and by the sponsor of internal control self assessment report opinions, finding the internal control problems. In the end I put forward relevant suggestions.