Analysis Of The Information Content Of Key Audit Matters Disclosed In The Securities And Futures Industry

Internationalization trend of reform,in order to comply with the audit report to ensure a sustainable auditing standards and international standards in our country overall convergence,the Chinese institute of certified public accountants on January 8,2016,issued by the Chinese certified public accountants auditing standards no.1504-communication key audit matters in the audit report,draft,on December 23,the same year,the ministry of finance approval and released the auditing standards.From January 1,2017,the auditing reports of a-plus h-share listed companies for use in the mainland take the lead in applying this criterion to disclose the information of key audit items.From January 1,2018,the auditing reports of all listed companies in Shanghai and shenzhen are required to disclose key audit items.Key audit matters to disclose the purpose is to increase the information content of audit report,to provide more information to report users,so the key to the quality of the audit matters disclosed widely attention and previous research on the key audit matters focused on the analysis and summary on the implementation of the guidelines,or focused on the study of the theory of the policy implementation level,in this paper,the introduction of citic securities as an example,on a case study.Article first for securities and futures industry already disclosed audit report summarized and analyzed,from the aspect of the overall analysis of the current listed companies to disclose the effect of the key audit matters,found that while listed companies according to the requirements of the ministry of finance to the key audit matters,but there exist many problems,such as auditors in disclosure of key audit matters more cautious descriptions of key audit matters,some audit report is too general,not clear,poor legibility,a handful of auditor when disclosure key audit matters of audit procedures is arbitrary,The existence of these problems will have a certain impact on the effect of key audit items disclosure.Then this paper combines the actual case to citic securities co.,LTD as the research object,first of all,according to the definition of information content,the key audit matters after the disclosure,whether will have influence on capital market,using event study to citic securities,2016 and 2017 two key audit matters to disclose whether has the information content of annual evaluation.Secondly,the disclosure of citic securities is compared with the overall situation of the industry to evaluate the information content of key audit items disclosed by citic securities.It is found in the study that the disclosure of key audit items of citic securities in 2016 and 2017 has information content,and the amount of disclosure is relatively large,but the key audit items disclosed by citic securities have serious homogeneity,which affects the quality of information disclosed.According to the above analysis,in the end of the article puts forward some Suggestions of policy and Suggestions on the level of certified public accountants practice,perfect the key audit items confirmation is scientific and accuracy,if not the key to a professional rigorous validation process audit matters,so to reduce costs,avoid responsibility and reducing conflict with auditees reasons,the key audit matters may be fixed to the specific identification for the simple reason,involves less and less company internal governance information management and audit personnel matters of subjective judgment;At the same time,the quality of auditors should be strengthened,which can be carried out from the proper guidance and strengthening management.It is expected to improve the disclosure effect of key audit items and increase investors' trust in audit reports.