Study On Audit Of PPP Mode Construction Projects

China’s economy is developing rapidly and has entered the stage of a new normal.Accordingly,many contradictions have been exposed,for example,the lower growth rate in fiscal revenue leads to the government’s heavier burden.To solve the problem,the government made a shift to the path of marketization.Under such circumstance,public-private partnership(PPP)projects emerged and have become a hot topic.PPP is a cooperation model between government departments and private enterprises in the field of public services and infrastructure.It is a new model for supplying public services and products.In the PPP model,the design,construction,operation and maintenance of the project are accomplished by the private capital,and the benefits are obtained by government payment and user payment;in the process of implementing the PPP model,government performs the supervision functions and the third party is responsible for auditing.The particularity of the PPP project makes it very different from the national construction project,for example,the huge investment amount,long cycle,high risk,long period of cost recovery,etc.Many related departments and enterprises are involved in the PPP project and different subjects pursue their own interests,which brings certain influences to the audit of the project.Therefore,it is necessary to optimize the audit method of PPP projects.This paper analyzes China’s PPP construction projects from the view of audit.First,based on public goods theory,stakeholder theory,principal-agent and fiduciary responsibility theory,this paper compares the PPP projects with national construction projects and obtains the characteristics of PPP projects,that is,diversification of the main investors and increased process.The audit of PPP projects is now following the process of that of national construction projects.Because there is no relevant laws and regulations on the standards of PPP projects audit in China,plus the particularity of PPP projects,they bring certain influences to the audit subjects,content and methods,which produce some problems,such as,obscure audit subjects,incomplete content and outdated methods.Second,the paper summarizes the overseas audit experience of PPP projects.It draws lessons from foreign successful projects and attempts to find ways to optimize the audit of PPP projects in China from three aspects,audit subjects,content and methods.At last,the paper studies the case of Guiyang-Duyun Expressway,which is a construction project under the PPP mode,analyzes its audit process and sums up its shortcomings and presents recommendations based on the theory of optimizing the audit process.The paper combines theories and real case,focuses on the problems existing in PPP projects on audit subjects,content and methods and presents recommendations on optimizing the audit process.The paper is designed to provide referential value to the audit of PPP projects in real work.