Research On The Fair Value Audit Of The CITIC Securities

The rapid development of fair value accounting gives birth to the fair value audit,and the fair value audit is the supervision of the fair value accounting.If there is no fair value audit,the fair value accounting will not be convincing.The development of the capital market,the fair value audit is more and more important,although our country has promulgated some fair value application guidance,but the results of the fair value audit research are few,so it is of great significance to the research of fair value audit.Through the analysis and study of the successful example of the fair value audit of CITIC Securities,this paper summarizes the procedures and methods of the fair value audit,and puts forward some suggestions to solve the problems existing in the fair value audit in China.By drawing on the advanced research results at home and abroad,the paper analyzes the information about the fair value of the China Citic Securities Co,and makes a systematic research on the problems encountered in the process of the fair value audit practice.In the course of the study,we use the special to the general way,first combined with the case of China Citic Securities Co in-depth analysis,careful analysis of the implementation of the procedures,and summarized the fair value audit methods and procedures,such as the assessment and identification of the fair value audit risk and specific processes,the risk of major misstatements and special risks.Implementation of additional audit procedures,evaluation of the integrity and uncertainty of fair value presentation,and access to management accountability statement and other audit methods.Then through the analysis of the China Citic Securities Co,it is pointed out that the main problems encountered in the fair value audit in China are as follows: the market economy system is not perfect,the fair value auditors with professional competence are scarce and the accounting and audit related systems need to be further standardized.And then,the proposal to solve the problem is to establish and improve the market regulation mechanism of fair value audit,increase the number of auditors with professional competence,and constantly improve and standardize the system related to accounting and auditing.With the continuous development of domestic capital market,the application of fair value will be more extensive.Therefore,effective supervision of fair value is particularly important.Through the in-depth study and analysis of the successful case of China Citic Securities Co audit,the process and methods of fair value audit are summarized,and the procedures and methods that should be adopted for all the fair value audits are obtained,and the significance of the future fair value audit is provided.This article will have important reference value both in theory and practice.