Research On Audit Risk Of Film And Television Media Industry

As an important industry to meet the spiritual and cultural needs of the people,our government has issued many supportive policies for the film and television industry in recent years.The film and television media industry has ushered in a transition period to high-quality development.However,in the process of transformation,there are frequent violations in the industry,which disturbs the market order and is not conducive to the healthy development of the film and television media industry.Through the analysis of literature,this paper finds that there is less research on the audit risk of film and television media industry.Therefore,after reviewing the literature and understanding the relevant theories,this paper analyzes the audit risk points of the film and television media industry from the industry characteristics of light assets,high investment and high risk,and analyzes the existing audit risk combined with the specific case of D company.Finally,from the perspective of accounting firms,this paper puts forward the prevention strategies of audit risk in the audit of film and television media industry.Through the research,this paper finds that:(1)the film and television media industry has the risks of stricter regulatory environment,fierce market competition,product sales falling short of expectations,complex revenue recognition conditions,high inventory impairment risk,high amount of accounts receivable,high aging,intangible assets related risks and difficult inspection.(2)As a typical film and television media enterprise,company D is faced with audit risks such as stricter regulatory policies,fierce industry competition,personnel structure not meeting the needs of business development and internal control,insufficient information disclosure,unreasonable provision for inventory impairment,improper management of accounts receivable and so on.During the audit of company D,the accounting firm has the inspection risk of insufficient understanding of the film and television industry,failing to maintain professional doubt and inadequate implementation of audit procedures.(3)When auditing film andtelevision media companies,accounting firms can reduce the risk of material misstatement by updating their understanding of the industry environment and regulatory policies,paying attention to the risk of going concern,whether the revenue recognition meets the conditions,whether the recognition amount and date are accurate,whether the management of inventory and accounts receivable is scientific,whether the impairment provision is sufficient,and strengthening the understanding of intangible assets,And reduce the inspection risk by improving the professional quality of auditors and improving the quality review system.The suggestions proposed in this paper for the audit risk of film and television media industry have a certain reference value,hoping to help accounting firms conduct targeted risk assessment when auditing film and television enterprises,and then design and implement reasonable audit procedures to provide higher quality audit services.