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| Risk Warning for Accounting Supervision No. 9—Occupation of Funds by Controlling Shareholders of Listed Companies and Its Audit | | 会计监管风险提示第9号--上市公司控股股东资金占用及其审计 |
| (China Securities Regulatory Commission, on December 24, 2019) | | （中国证监会 2019年12月24日） |
| For the purposes of strengthening the accounting supervision of the capital occupation and illegal guarantee issues (hereinafter referred to as “capital occupation”) of controlling shareholders of listed companies and their affiliated parties, regulating the internal control of listed companies, urging accounting firms to diligently perform their duties, preventing and mitigating financial risks, improving the quality of accounting information disclosure on the capital market, and protecting the lawful rights and interests of investors, in accordance with the Accounting Standards for Business Enterprises, the Basic Standards for Enterprise Internal Control, the Measures for the Administration of Information Disclosure of Listed Companies, the Code of Corporate Governance of Listed Companies, the Notice on Several Issues concerning Regulating Fund Transactions between Listed Companies and Their Affiliates and the External Guarantee of Listed Companies, the Code of Practice for Certified Public Accountants of China, and other relevant provisions, a warning on the accounting supervision risks of capital occupation of controlling shareholders of listed companies and its audit business is hereby given. | | 为强化对上市公司控股股东及其关联方资金占用和违规担保问题（以下简称资金占用）的会计监管，规范上市公司相关内部控制，督促会计师事务所勤勉尽责执业，防范化解金融风险，提升资本市场会计信息披露质量，保护投资者合法权益，根据《企业会计准则》《企业内部控制基本规范》《上市公司信息披露管理办法》《上市公司治理准则》《关于规范上市公司与关联方资金往来及上市公司对外担保若干问题的通知》《中国注册会计师执业准则》等有关规定，现就上市公司控股股东资金占用及其审计业务的会计监管风险进行提示。 |
| I. Main forms of capital occupation | | 一、资金占用的主要形式 |
| Capital occupation by controlling shareholders varies in forms. By summarizing the existing supervision cases, they are mainly divided into the following two models: | | 控股股东资金占用形式多样，通过总结归纳现有监管案例情况，主要分为以下两种模式： |
| 1. Balance model | | （一）余额模式 |
| The balance model means that a listed company fabricates the balance of monetary funds in the financial statements to conceal the capital occupation of the controlling shareholder and its affiliated parties, or not disclose the restrictions on monetary funds to conceal illegal guarantees, thus directly affecting the judgment of users of financial statements on the authenticity and liquidity of monetary fund projects. Mainly including: | | 余额模式是指上市公司虚构财务报表中货币资金余额以隐瞒控股股东及其关联方的资金占用，或不披露货币资金受限情况以隐瞒违规担保，进而直接影响财务报表使用者对货币资金项目真实性和流动性的判断。主要包括： |
| (1) Using false documents and vouchers (such as false bank statements, bank receipts, and bookkeeping vouchers, among others) to directly inflate the monetary funds in relevant accounts. | | 1. 使用虚假单据和凭证（如虚假的银行对账单、银行回单、记账凭证等）直接虚增相关账户的货币资金； |
| (2) Opening bank accounts for time deposits and margins, among others, and fabricating transfer of monetary funds between the company's normal accounts and accounts of time deposits and margins, among others, with false documents and vouchers, to conceal fund misappropriation. | | 2. 开立定期存款、保证金等银行账户，并通过虚假单据和凭证，虚构货币资金在公司正常账户与这些定期存款、保证金等账户中的转移，以掩盖资金挪用； |
| (3) The controlling shareholder has collected and misappropriated the monetary funds of the listed company by signing a group fund management agreement and a fund pool arrangement, among others, with a financial institution, but the monetary funds items of the listed company are listed as “accrued balance” before they are occupied. | | 3. 控股股东通过与金融机构签订集团资金管理协议、资金池安排等，将上市公司货币资金归集并挪用，但上市公司货币资金项目显示为被占用前的“应计余额”； |
| (4) Without undergoing the prescribed approval procedures, providing financial guarantee for the financing behaviors (such as borrowing and issuing banker's acceptance bills, among others) of the controlling shareholder with time deposits and other monetary funds or wealth management products, and other financial assets, and failing to disclose the restrictions on monetary funds or relevant financial assets. | | 4. 未履行规定的审批程序，以定期存款等货币资金或理财产品等金融资产为控股股东的融资行为（如借款、开立银行承兑汇票等）提供质押担保，且未披露货币资金或相关金融资产的受限情况。 |
| In addition, a listed company provides credit guarantee for the controlling shareholder's financing behaviors, but failing to undergo the approval procedures and concealing disclosure as required, and directly affects users' judgments on the company's solvency and operation ability. | | 此外，上市公司为控股股东的融资行为提供信用担保，但未按规定履行审批程序且隐瞒披露，也直接影响财务报表使用者对公司偿债能力和营运能力的判断。 |
| 2. Incurred amount model | | （二）发生额模式 |
| The incurred amount model means that the controlling shareholder and its affiliated parties occupy funds by utilizing the listed company's direct or indirect (for example, through affiliated parties, third parties, and companies established by employees, among others) borrowings, purchase and sale business or bill exchange without commercial substance, external investment, payment of project funds, and other forms. Capital occupation is specifically reflected in the transactions funds, bills receivable and payable, long-term equity investment, construction in progress, long-term and short-term loans, and other items in listed companies' financial statements. Monetary funds usually have no direct falsehood. Mainly including: | | 发生额模式是指控股股东及其关联方利用上市公司直接或间接（如通过关联方、第三方、员工设立的公司等）的资金拆借、无商业实质的购销业务或票据交换、对外投资、支付工程款等形式占用其资金。资金占用具体体现在上市公司财务报表的往来款项、应收应付票据、长期股权投资、在建工程、长短期借款等项目中，货币资金项目通常不存在直接虚假。主要包括： |
| (1) Direct or indirect borrowing of funds to the controlling shareholder; | | 1. 直接或间接拆借资金给控股股东； |
| (2) Utilizing the purchase and sale business without commercial substance to directly or indirectly pay the purchase funds to the controlling shareholder or issue a draft for discounting and endorsement, among others. | | 2. 利用无商业实质的购销业务，直接或间接向控股股东支付采购资金或者开具汇票供其贴现、背书等； |
| (3) Accounts receivable are collected by the controlling shareholder on a commission basis for collection, or the funds are provided for the controlling shareholder through factoring of the accounts receivable, or the client of the listed company provides financial support for the controlling shareholder in the form of occupying accounts receivable. | | 3. 应收账款回款时被控股股东代收占用，或通过应收账款保理将资金提供给控股股东，或上市公司的客户以占用应收账款的形式为控股股东提供资金支持； |
| (4) Utilizing draft transactions or fabricating transfer in and out of endorsements drafts to cover the controlling shareholder's capital occupation. | | 4. 利用汇票交易，或虚构汇票背书转入转出等，掩盖控股股东的资金占用； |
| (5) Advance payment, assuming various expenses or repaying debts on behalf of the controlling shareholder. | | 5. 代控股股东垫付、承担各类支出或偿还债务； |
| (6) Investment trust products, private investment funds, asset management plans and other financial products, but the actual investment funds are occupied by the controlling shareholder. | | 6. 投资信托产品、私募投资基金、资产管理计划等金融产品，但实际投资款被控股股东占用； |
| (7) Transferring funds by investing in entities that are actually controlled by the controlling shareholder, such as investing in a multi-layer limited partnership; providing large-amount equity investments while making large-amount debt investment; and paying long-term investment advances, intention deposits, and margins, but failing to undergo the subsequent investment formalities; | | 7. 通过向控股股东实际控制的主体进行投资以转移资金，如投资于多层的有限合伙企业；进行权益性投资的同时提供大额的债权性投资；支付较长期限的投资预付款、意向金、保证金但未履行后续投资手续等； |
| (8) Directly or indirectly providing funds for the controlling shareholder through a finance company, small loan company, commercial factoring company and other financial or similar financial institutions with affiliation relationship in violation of regulations. | | 8. 违规通过存在关联关系的财务公司、小额贷款公司、商业保理公司等金融或类金融机构，直接或间接向控股股东提供资金； |
| (9) Providing funds to the controlling shareholder by paying project funds, fabricating the construction of projects under construction, and other projects. | | 9. 通过支付工程款、虚构在建工程等项目建设的方式向控股股东提供资金； |
| (10) The controlling shareholder borrows funds in the name of a listed company. | | 10. 控股股东以上市公司的名义对外借款； |
| (11) Utilizing other special business models, for example, the listed company entrusts the process of gold and other precious metals purchased or leased to the controlling shareholder or lease them to the controlling shareholder, the controlling shareholder conducts capital occupation after monetizing them. | | 11. 利用其他特殊业务模式，如上市公司将购入或租入的黄金等贵金属交由控股股东委托加工或出租给控股股东，控股股东将其变现后形成资金占用等。 |
| II. Background of the formation of capital occupation and concerns on accounting supervision | | 二、资金占用的形成背景及会计监管关注事项 |
| 1. Formation background and reasons | | （一）形成背景与原因 |
| The fundamental reasons for the formation of capital occupation are a listed company's imperfect internal governance, imperfect internal control, lack of effective supervision over the controlling power of the controlling shareholder, and even controlling shareholder's overriding internal control. In addition, with prominent moral hazards and lack of independence, some directors, supervisors and senior executives have not fulfilled their duties and condone controlling shareholder's capital occupation. Specifically, a listed company's management and control of monetary funds (especially online banking) fail, the company's official seal and other items are under control of the controlling shareholder, payment of large-amount funds, major investments, external guarantees, and other matters are not subject to examination, approval, management or control as prescribed, the approval procedures of affiliated transactions are inappropriate, and the company's internal control is not implemented effectively. | | 资金占用形成的根本原因是上市公司的内部治理不健全，内部控制不完善，对控股股东的控制权缺乏有效监督，甚至存在控股股东凌驾于内部控制之上的情况。此外，部分董事、监事、高级管理人员道德风险突出，独立性不足，未恪尽职守，纵容控股股东资金占用。具体表现为上市公司对货币资金（尤其是网上银行）的管控失效，公司公章等由控股股东掌控，大额资金支付、重大投资和对外担保等事项未按照规定程序审批和管控，关联交易审批程序不当，公司内部控制流于形式等。 |
| China's economic development is currently facing new risks, shift from old to new momentum, increased downward pressure on the domestic economy, changes in the financing environment, urgent financing needs of some listed companies' controlling shareholders, and prominent equity pledge risks, which have exaggerated risks of capital occupation. In addition, the overall credit level of the society needs to be improved. Individual clients, suppliers, and financial institutions, among others, of listed companies cooperate with the capital occupation of the controlling shareholders of listed companies. | | 同时，当前我国经济发展面临新的风险挑战，新旧动能转换，国内经济下行压力加大，融资环境发生变化，部分上市公司控股股东融资需求迫切，股权质押风险突出，加剧了资金占用的风险。加之社会整体信用水平还有待提升，上市公司的个别客户、供应商、金融机构等为谋求私利，配合上市公司控股股东资金占用。 |
| 2. Concerns on accounting supervision | | （二）会计监管关注事项 |
| A listed company shall, according to the requirements of the Company Law, the Securities Law, the Basic Standards for Enterprise Internal Control, the Code of Corporate Governance of Listed Companies, the Guidelines on the Bylaws of Listed Companies and other relevant regulatory provisions, establish and improve its corporate governance and internal control mechanisms, cooperate with certified public accountants' (“CPA”) auditing work, ensure that the financial reports and related information are authentic, accurate and complete, and improve the overall quality and investment value of listed companies. For capital occupation, in accounting supervision, attention shall be paid to the corporate governance and internal control of listed companies: | | 上市公司应当按照《公司法》《证券法》《企业内部控制基本规范》《上市公司治理准则》《上市公司章程指引》及其他相关监管规定的要求，建立健全完善的公司治理和内部控制机制，配合注册会计师审计工作，保证财务报告及相关信息真实准确完整，提升上市公司整体质量和投资价值。针对资金占用，在会计监管工作中，应当关注上市公司以下方面的公司治理及内部控制情况： |
| (1) Effective governance. Key attention shall be paid to the rationality of corporate governance and internal control organizational structure design and effectiveness of actual operation, especially whether the duties of independent directors, the audit committee, and the board of supervisors are effectively fulfilled, whether major decisions are implemented in accordance with the prescribed authority and procedures, whether the controlling shareholders override the internal control, whether the use of official seals are approved in accordance with the provisions, and whether the company's internal supervision is effective, among others. | | 1. 有效治理。应重点关注公司治理和内部控制组织架构设计的合理性和实际运行的有效性，特别是独立董事、审计委员会、监事会职责是否切实有效履行，重大决策是否按照规定的权限和程序实施，是否存在控股股东凌驾于内部控制之上，对公章的使用是否按照规定进行批准，公司内部监督是否有效等。 |
| (2) Independence management. Key attention shall be paid to whether a listed company and the controlling shareholder realize separation of personnel, assets, and finance, institution and business; whether the controlling shareholder interferes with the specific operation of the listed company in violation of regulations, affects the independence of its business operation and management, and whether it interferes with the financial and accounting activities of the listed company; whether the senior executives of the listed company hold other administrative positions besides director and supervisor in the controlling shareholder; and whether the directors, supervisors and senior executives of the listed company are subject to performance assessment by the controlling shareholder and receive remuneration therefrom. | | 2. 独立性管理。应重点关注上市公司与控股股东是否实现人员、资产、财务分开，机构、业务独立；控股股东是否违规干涉上市公司的具体运作，影响其经营管理的独立性，是否干预上市公司的财务、会计活动；上市公司的高级管理人员是否在控股股东担任除董事、监事以外的其他行政职务；上市公司的董事、监事、高级管理人员是否由控股股东进行业绩考核并从其获得薪酬。 |
| (3) Fund and fund-raising management. Key attention shall be paid to the supervision of the approval and utilization of funds, especially the approval and use of large-amount funds and funds raised, the use of online banking, transactions involving personal bank accounts, approval for and management of bank account opening and cancellation, and financial management, and fund transfer concerning the centralized management of financial companies and funds, among others. A listed company borrowing money externally shall pay attention to the corresponding approval procedures, loan contract arrangements, whether funds are in place, and returning conditions, among others. | | 3. 资金及筹资管理。应重点关注对资金使用的审批和运用过程的监督，特别是大额资金、募集资金的审批与使用，网上银行的使用，涉及个人银行账户的交易，银行账户开立注销的审批管理，与财务公司及资金集中管理等相关的资金流转等。上市公司对外借款的，应当关注相应的审批程序、借款合同安排、资金是否到位及归还情况等。 |
| (4) Guarantee business. Key attention shall be paid to whether the guarantee business is examined and approved in accordance with the provisions, and whether the information on pledge guarantee and credit guarantee is authentic, accurate, complete and timely disclosed. | | 4. 担保业务。应重点关注担保业务是否按照规定进行审批，有关质押担保和信用担保的信息是否真实、准确、完整、及时作出披露。 |
| (5) Affiliated transactions. Key attention shall be paid to the authorization, decision-making and approval procedures of affiliated transactions, identification of affiliated parties, information acquisition, and subsequent maintenance and management mechanisms, actual implementation of affiliated transactions, and the authenticity, accuracy, completeness, and timeliness of the information on affiliated parties and affiliated transactions disclosed, among others. | | 5. 关联交易。应重点关注关联交易的授权和决策审批程序，关联方的识别、信息获取和后续维护管理机制，关联交易的实际履行情况，关联方和关联交易信息披露的真实、准确、完整、及时等。 |
| (6) Purchase and payment management. Key attention shall be paid to the approval procedures for bulk procurement and selection of suppliers, management and control of amount and progress of payment, and management and control of payments that exceed contract requirements or do not comply with industry practices, management of whether the goods are dispatched on time, their quantity, status, and accounting, judgment of the substance of commercial procurement contracts, and approval of contracts, among others. | | 6. 采购及付款管理。应重点关注大宗采购及供应商选择的审批程序，对付款金额、进度以及超出合同规定或不符合行业惯例付款的管控，对货物是否按期发出及其数量、状态和核算的管理，对采购合同商业实质的判断和合同审批情况等。 |
| (7) Sale and collection management. Key attention shall be paid to the approval procedures for large-amount sale and selection of clients, and the subsequent management and supervision of accounts receivables and their collection, and factoring, among others, especially whether the receiving bank account and handling personnel are designated, and whether accounts are checked on a regular basis to confirm the balance of accounts receivable, and attention shall be paid to whether the inventory is issued on schedule and the confirmation of its receipt, the judgment of the substance of commercial procurement contracts, and the approval of the contracts, among others. | | 7. 销售及收款管理。应重点关注大额销售及客户选择的审批程序，对应收账款及其回款、保理等的后续管理和监督，特别是是否指定收款银行账户和经办人员，是否定期对账以确认应收账款余额，关注对存货是否按期发出及其签收确认情况，对销售合同商业实质的判断和合同审批情况等。 |
| (8) Bill management. Key attention shall be paid to whether the transactions related to bills have commercial substance, the approval procedures for the issuance of bills, the authenticity of the bills, the completeness of the bill confirmation in the financial statements, and the accuracy of the relevant information disclosure. | | 8. 票据管理。应重点关注与票据相关的交易是否具有商业实质，票据开立的审批程序，票据的真实性，财务报表中票据确认的完整性和相关信息披露的准确性。 |
| (9) Investment management. Key attention shall be paid to the decision-making approval procedures for large-amount investments, the post-investment management and control of the invested companies, whether there is other financial support while making equity investment, and the penetration of directions of various types of financial products, among others. | | 9. 投资管理。应重点关注大额投资的决策审批程序，对被投资企业的投后管控情况，进行权益性投资的同时是否存在其他财务性支持，对各类金融产品投向的穿透等。 |
| (10) Project management. Key attention shall be paid to the approval procedures for project establishment and selection of construction parties, estimation, management and control of project progress, actual progress and relevant materials of construction, and actual input of materials and labor, among others. | | 10. 工程管理。应重点关注对工程项目立项及施工方选择的审批程序，项目进度的估计和管控，施工的实际进展情况以及相关材料、物资和人工的实际投入情况等。 |
| III. Common auditing problems and concerns on accounting supervision | | 三、审计常见问题及会计监管关注事项 |
| For capital occupation by the controlling shareholder of a listed company, some CPAs have not diligently performed their duties in their practicing, have not appropriately identified or assessed the risks of major misstatement and fraud in terms of capital occupation in consideration of the listed company and its environment and internal control, design or implement appropriate response measures, or fail to issue appropriate audit opinions and relevant conclusions. Relevant common auditing problems and concerns on supervision are as follows: | | 针对上市公司控股股东资金占用，部分注册会计师在执业中未勤勉尽责，未结合上市公司及其环境、内部控制情况恰当识别和评估资金占用方面的重大错报风险和舞弊风险等，未设计和执行恰当的应对措施，未发表恰当的审计意见以及相关结论。有关审计常见问题和监管关注事项如下： |
| 1. Risk assessment | | （一）风险评估 |
| (1) Common problems | | 1. 常见问题 |
| When undergoing the risk assessment procedures, a CPA usually has the following problems: | | 注册会计师在实施风险评估程序时，通常存在以下问题： |
| First, the legal environment, regulatory environment, public opinion environment, and other external environmental factors of a listed company are not fully understood. For example, a listed company is punished by the securities regulatory authority and questioned by a stock exchange due to capital occupation, or a listed company and its controlling shareholder are questioned by the media in capital status, suspected capital occupation, and other respects, or fail to appropriately assess the major misstatement risk in the respect of capital occupation. | | 第一，未充分了解上市公司的法律环境、监管环境、舆论环境及其他外部环境因素，例如上市公司因资金占用被证券监管机构处理、被证券交易所问询，或上市公司及其控股股东在资金状况、涉嫌资金占用等方面被媒体质疑等，未恰当评估资金占用方面的重大错报风险。 |
| Second, the industry status, operating activities, investment and financing activities, among others, of a listed company are not fully understood. For example, a listed company has both “high deposits and loans” (large amount of monetary funds and debts); the number of bank accounts of a listed company and the distribution are inconsistent with its actual operating needs; and for the new increase of the listed company in the current term, there is lack of rational large-amount purchase and sales transactions or other large-amount unconventional transactions, among others, and major misstatement risk in capital occupation is not appropriately assessed. | | 第二，未充分了解上市公司的行业状况、经营活动、投融资活动等，例如上市公司存在“存贷双高”（有大额货币资金的同时负有大额债务）；上市公司银行账户数量和分布与其实际经营需要不符；上市公司本期新增缺乏商业合理性的大额购销交易或其他大额非常规交易等，未恰当评估资金占用方面的重大错报风险。 |
| Third, the ownership structure and governance structure of a listed company and the large-amount fund needs and relevant situations of the controlling shareholder are not fully understood. For example, the controlling shareholder of a listed company has a high proportion of equity pledge, especially the risk of liquidation or equity being frozen; or there are large-amount investment, large-amount debt, and large-amount financial deficit for business operation activities, among others, and major misstatement risk in capital occupation is not appropriately assessed. | | 第三，未充分了解上市公司所有权结构、治理结构以及控股股东大额资金需求和相关情况，例如上市公司控股股东存在高比例股权质押，特别是已出现平仓风险或股权被冻结情形；或存在大额投资、大额债务、经营活动大额资金缺口等，未恰当评估资金占用方面的重大错报风险。 |
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