Research On The Motivation And Consequences Of Listed Companies Changing Accounting Firms Under Non-standard Audit Opinions

In recent years,listed companies have frequently changed their accounting firms.As an external institution,the accounting firm should independently and objectively issue appropriate audit opinions for the listed company.However,when the listed company has business failures and needs standard unqualified audit opinions,the listed company may choose to change its appointment because it is inconsistent with the accounting firm,or the accounting firm may choose to resign voluntarily due to risk considerations,which ultimately leads to the change of the audit institution.However,it is a problem that listed companies change their accounting firms.By studying the three changes of ST Weihai,this paper deeply analyzes the motivation and economic consequences of the case company’s change of firm,so as to provide information for investors to make more favorable investment decisions.This paper selects the very representative ST Weihai as the case study object.First,it introduces the background of three changes of ST Weihai.It is found that the first two changes were initiated by listed companies,and the last one was voluntarily resigned by the firm,and the audit opinions before and after each change are non-standard opinions.By sorting out the company’s annual report,the punishment announcement of the CSRC and the inquiry letter of the Shenzhen Stock Exchange,the three changes were analyzed.It was found that from the perspective of listed companies,the motives for changes include: management change and internal control failure,purchase of audit opinions,high internal and external pressure,coping with operational risks,etc;From the perspective of the firm,the motivation of change includes avoiding audit risks and improving the quality of audit practice.In addition,we sorted out the audit opinions of all listed companies in 2019,focused on observing the change of accounting firms after the listed companies were issued with non-standard opinions in 2019,and then analyzed the motivation and consequences of the change of accounting firms of listed companies with non-standard audit opinions.Through a series of analysis,finally put forward relevant suggestions.For the listed companies,the focus should be on the operation of the company,and the reasons for the change should be disclosed in detail when changing the accounting firm;For the accounting firms,they should be cautious and pay attention to prevent the audit risks caused by the exchange;Regulators should also strengthen supervision and regulate the behavior of listed companies to change their firms.The innovation of this paper lies in the detailed classification of listed companies,focusing on the listed companies with non-standard audit opinions,and analyzing the motivation and consequences of the change from the perspective of listed companies and accounting firms,so as to look at the problem more comprehensively.