Research On Internal Control Improvement Of Improving The Quality Of B Company New Material Financial Report

The occurrence of events such as Enron and China Aviation Oil's illegal trading has attracted more attention of academics and practitioners on internal control.The relevant regulatory authorities are aware of the urgency to strengthen internal control of such enterprises.China's Ministry of Finance,China Securities Regulatory Commission,the National Audit Office,the China Banking Regulatory Commission,and the China Insurance Regulatory Commission jointly issued the "Basic Standards for Internal Control of Enterprises" and "Guidelines for Internal Control of Enterprises" in 2008 and 2010 respectively.The CSRC issued Announcement No.1 in 2014,demanding disclosure of major defects and rectification regarding internal control in financial reporting.However,the level of internal control management of listed companies in China is not uneven.Therefore,through internal control improvement,it can promote the legal compliance of enterprise management,asset security,financial reporting and related information,improve operational efficiency and effectiveness,eventually promoting developmental strategy for enterprises.Hunan B Company was listed on the Shenzhen Stock Exchange in 2009.The company is mainly engaged in the research,development and production of materials in the aerospace and hard alloy fields.Based on the theory of in ternal control,this paper takes B company as the research object,mainly adopts the literature research method,the field investigation method and the descriptive research method,studies the internal control improvement of the financial report qualit y,problems in the five elements of internal control,and proposes suggestions for improvement.The article first introduces the research background and significance of the paper,the research trends and research ideas and methods of internal control in Ch ina and abroad.Then it summarized the internal control theory and introduced the current situation of B company,the internal control of enterprises and the status of financial reports.Then the paper starts with financial report and then extend to th e the five internal contro l elements of the enterprise's control environment,risk assessment,control activities,information communication and internal supervision.It analyzes the current internal control problems of the enterprise.Finally,the paper p roposes corresponding solutions and measures based on current situation of the enterprise.Through improving the internal control of major projects in the B company Annual Report,these suggestions can promote the management of asset security,enhance the authenticity of financial reports and improve the quality of financial reports.