Research On Audit Risk Identification And Response Of New Third Board High-Tech Enterprises

As economic development enters the new normal,China has effectively lowered the registration threshold of enterprises through various policies,and the number of small and medium-sized enterprises in China is increasing day by day.At present,the New Third Board,which has more than 6,000 listed enterprises,has become an important part of China’s capital market,providing financing venues for many listed enterprises.Scientific and technological innovation is an inexhaustible driving force for the development of enterprises,especially for high-tech enterprises,the level of their innovation ability is related to whether the enterprise can occupy a place in the market,is a favorable driver to promote industrial competition,but also brings various potential risks to the enterprise.Most of the enterprises listed on the New Third Board are "high-growth,high-tech and innovative" high-tech enterprises,and the NEEQ market has relatively relaxed systems in terms of market access,supervision and information disclosure,and most NEEQ-listed enterprises have irregular business models and face higher operational risks,which to a certain extent makes NEEQ hightech enterprises face higher audit risks.In the process of research,this paper first introduces the fraud triangle theory,modern risk-oriented audit theory and information asymmetry theory,and sorts out the relevant literature,forms a literature review,and constructs a theoretical framework for the case analysis in the following article.Secondly,after understanding the current development status of China’s NEEQ market and NEEQ high-tech enterprises,the main audit risks commonly faced by China’s NEEQ high-tech enterprises are analyzed.Then,starting from the financial fraud case of Blue Mountain Technology,the motives and means of financial fraud of Blue Mountain Technology are analyzed,and on this basis,the risk-oriented audit model "audit risk = material misstatement risk × inspection risk" is used as the starting point to deeply identify the material misstatement risk faced by Bluemountain Technology under financial fraud and the inspection risk faced by certified public accountants in the audit process.Through the audit risks of high-tech enterprises on the New Third Board,it is found that:(1)the high-tech enterprises on the New Third Board have risks caused by weak external supervision,relatively concentrated equity,related party transaction risks,R&D expense accounting risks and high refinancing pressure.(2)Specific to Blue Mountain Technology,there are mainly risks at the financial statement level such as internal governance confusion,limited financing capabilities,and insufficient competitive advantages in the industry;The risk of material misstatement at the identification level is mainly due to the risk caused by related party transactions,the risk of R&D expenses and the risk of abnormal linkage between gross margin and inventory.However,due to deficiencies in substantive procedures in the audit process,auditors not maintaining due professional suspicion,and deficiencies in the quality control of accounting firms,ZHONGXINGCAIGUANGHUA CERTIFFIED PUBLIC ACCOUNTANTS LLP faces higher inspection risks.In the case of high risk of material misstatement and inspection,CPA faces high risk of audit.Based on the above analysis,this paper proposes measures to deal with the audit risks of high-tech enterprises on the New Third Board from three aspects: certified public accountants,accounting firms and external supervision.This paper will help certified public accountants to reasonably identify and evaluate the audit risks in the audit business of NEEQ high-tech enterprises in the future,so as to reduce the occurrence of audit failures to a certain extent and better maintain the orderly development of the NEEQ market.