安永-申报会计师的职责.ppt

2008年7月3日,The Reporting Accountant adding value to your IPO,申报会计师的职责 张钧，中国业务部副总监,2008年7月3日,The Reporting Accountant,Page 2,Agenda 大纲,The role of the Reporting Accountant 申报会计师的工作内容 The keys to a successful IPO 上市成功的关键因素 Our IPO readiness assessment service 我们的上市准备评估服务 Why Ernst & Young 为什么选择安永,2008年7月3日,The Reporting Accountant,Page 3,Benefits of the London markets 伦敦市场的若干优点,The range of available markets provides a compliance regime that matches the stage of development and needs of your business 伦敦的几个市场为企业发展的不同阶段提供了相应的融资及合规平台 Each of the London markets has a less expensive compliance framework than the US, before and after IPO. Class action suits against the Directors are not prevalent in the UK unlike the US 伦敦的每个市场在上市前、后的合规成本都比美国低。对董事的集体诉讼在英国发上的几率比在美国低得多 Londons broad and deep investor base is substantially accessible to companies that float on each of its markets and includes US and other global investors 在伦敦上市可以接触到这里广泛而且资金雄厚的投资者群体，这其中包括美国和全球的投资者 The scope of the Reporting Accountants work varies with the choice of market 申报会计师的工作内容依不同的市场会有变化,2008年7月3日,The Reporting Accountant,Page 4,Your choice of market affects the work to be performed on the IPO 伦敦不同的市场对工作有不同的要求,Main market 主板 World class market 世界著名的资本市场 Home to the largest companies 大企业融资的平台 Minimum market capitalisation 700,000 最小市值要求 70万英镑 25% of shares held by public 25%以上的流通股 Three year trading record 三年业绩要求 Fully compliant prospectus issued 完全合规的招股书 Requires a sponsor 需要保荐人,SFM 专业基金市场 New market for funds 为基金开设的新市场 Targeted at professional investors 针对专业投资人 More lightly regulated than Main Market 比主板市场的监管宽松 Fully compliant prospectus issued 完全合规的招股书 Requires a sponsor 需要保荐人,AIM 高增长市场 For smaller or growing companies 适合相对规模较小或高增长的公司 No minimum market capitalisation but maximum of circa 500 million 无最小市值要求，最大市值约5亿英镑 Most lightly regulated 监管宽松 No trading record required 没有业绩的要求 Requires a Nominated Advisor (“Nomad”) 需要保荐人 Admission document issued (less than a prospectus) 入市文件,2008年7月3日,The Reporting Accountant,Page 5,The role of the Reporting Accountant in an IPO 会计师在首次公开募股中的职责,The Reporting Accountant is one of the essential advisors to every IPO 上市团队中的主要顾问之一 Provides the wide ranging, high quality and timely commercial advice necessary to ensure your business is set up to successfully meet the challenges faced by London quoted companies 全面、高质、及时的专家建议确保您上市成功 Provides the key financial due diligence deliverables required to complete your IPO 关键的财务尽职调查 Complements the advice of your I-bank and other IPO advisors 补充投行和其他顾问的意见 Key advisory role on tax where the global reach of a firm such as Ernst & Young can cover all IPO tax requirements and provide an integrated approach to tax and other commercial advice. Services include 重要的税务顾问角色。安永的全球网络可以确保为您提供与上市相关的一揽子服务 Structuring advice 提供重组架构方面的建议 Independent tax due diligence 独立税务尽职调查 Obtaining tax clearances 税务清算,2008年7月3日,The Reporting Accountant,Page 6,The key deliverables of the Reporting Accountant to an IPO 会计师在首次公开募股中的工作内容,Despite the requirements being set out in written rules, your Reporting Accountant needs a thorough understanding of the underlying principles and market practice 会计师需要对上市的要求和原则及其在具体执行过程中如何把握有透彻地理解 The principle Reporting Accountant deliverables are Preparation of an accountants report on historical financial information 准备财务报告 Preparation of long form report on the business 准备长式报告 Preparation of working capital report 准备营运资金报告 Report on the companys financial reporting procedures 有关公司财务制度和流程的报告 Report on pro-forma financial information (not required for AIM) 根据公司未来上市后的结构出具资产负债和损益报告 Occasionally, report on a profit forecast 就盈利预测出具报告 Review of prospectus/admission document including tax disclosures 审阅招股说明书/入市文件等 UK Reporting Accountant deliverables are different to those of the US markets! 英国申报会计师的工作内容和美国市场不一样,2008年7月3日,The Reporting Accountant,Page 7,Accountants report 财务报告,Background 说明 Public report on the companys financial history, included in the prospectus/admission document 公开报告，包含在招股书/入市文件中 Deliverables 内容 Compiles financial information on the Company and provides an audit opinion 公司财务报告 Typically 3 years 通常为3年 Prepared under IFRS 按照国际财务报告准则编制 “True and fair” opinion 真实公正的意见 Requires a review of working paper files of auditors for the periods reported on 审阅相关期间审计师的工作底稿 Implications 注意事项 IFRS conversion often involves significant management time 转换至国际财务报告准则需要管理层的大量时间 Additional audit work may be required 有时需要额外的审计工作,2008年7月3日,The Reporting Accountant,Page 8,Long form report 长式报告,Background 说明 Private document addressed to the Sponsor/Nomad and the Company 非公开文件 为上市保荐人和上市公司准备 Supports drafting of the offering document and due diligence by the Board and I-Bank Deliverables 内容 Full scope due diligence report typically covering 完整的尽职调查报告包括 History, development and strategy of the business 业务历史，发展及策略 Management, employees and organisation structure 管理层，员工及组织架构 Financial reporting procedures and accounting policies 财务报告流程及会计政策 Historical financial position and performance 历史财务资料 Taxation 税务 Implications 注意事项 Significant amount of information required from Company 公司方面需要提供大量的信息 Substantial management time commitment 管理层需要付出大量的时间,2008年7月3日,The Reporting Accountant,Page 9,Working capital report 流动资金报告,Background 说明 Private document addressed to the Sponsor/Nomad and the Company 非公开文件 为上市保荐人和上市公司准备 Supports the statement the Directors are required to give in the prospectus/admission document concerning sufficiency of funding for the 12 months period from IPO 对董事在招股书中宣布流动资金足以应付上市后12个月之所需的声明提供支持 Deliverables 内容 Company prepares financial projections model and board memorandum to support this statement 公司准备财务计划模型来支持这一声明 Reporting Accountant reports on this information in order to give comfort on the statement including 会计师为该声明出具告慰函 Detailed review of model and assumptions 对模型和假设进行详细审阅 Sensitivity analysis 敏感性分析 Implications 注意事项 Significant management time required in preparation of the model, board memorandum and to support the Reporting Accountants due diligence 大量的管理层时间将被用于准备财务模型、董事会备忘录、支持会计师的尽职调查,2008年7月3日,The Reporting Accountant,Page 10,Financial reporting procedures report 有关公司财务制度和流程的报告,Background 说明 Private document addressed to the Sponsor/Nomad and the Company 非公开文件 为上市保荐人和上市公司准备 Supports the Sponsors/Nomads statement and Directors conclusion on whether the Company has “established” appropriate procedures to monitor its financial position and prospects 用来支持保荐人及董事的声明：公司建立了适当的规章制度来监控财务状况和预期 Directors prepare a risk register and summarise the procedures used to manage the identified risks, together with a conclusion on the sufficiency of the procedures and status of implementation 董事需要罗列出公司运营过程中的各种风险并在董事会备忘录中总结应对这些风险的措施及实施现状 Deliverables 内容 Reporting accountant provides a report and comfort letter on the procedures performed by the Directors 会计师对公司董事执行上述规章制度的情况出具告慰函 Implications 注意事项 Can take significant management time, especially where Companys existing procedures require development to standards required by London markets 如果公司的现有制度和流程需要根据 伦敦上市调整，可能会占用管理层较多时间,2008年7月3日,The Reporting Accountant,Page 11,Other workstreams 其他工作内容,Pro forma financial information 根据公司未来上市后的结构出具资产负债和损益报告 Included in prospectus to illustrate changes in financial position due to IPO. Not required for an AIM admission document 包括在招股说明书中用以说明首次公开发行所带来的变化。 Reporting Accountant reports publicly on the preparation of the pro forma information 申报会计师对此出具报告 Profit forecast 盈利预测 Try to avoid making profit forecasts 应试图避免将盈利预测写入招股说明书中 If made, must be documented by the Directors and reported on by Reporting Accountant 如果做了盈利预测，董事要予以确认，申报会计师必须对此出具报告 Significant piece of work for the Directors and Reporting Accountant 大量的工作 Review of admission document 审阅招股说明书/入市文件 General assistance in drafting process 帮助起草 Comfort on certain financial/tax matters 为特定的财务或税务事项提供告慰 Other comfort letters (change in financial position; compliance with US standards if marketed to US) 其他告慰函（财务状况变化、与美国标准合规等）,2008年7月3日,The Reporting Accountant,Page 12,Next steps the IPO readiness assessment 下一步上市准备工作评估,It is easy to underestimate the challenges of becoming a London quoted company 很多时候公司低估了在伦敦上市的工作量 Many directors commence work on an IPO before they have properly prepared the company 许多董事在没有做好准备的情况下开始了上市工作 As a consequence, the IPO process becomes inefficient with the result that many IPOs overrun their time and cost budget 许多公开募股的耗时和费用都超过了预算 Our IPO Readiness Assessment is designed to identify the principal areas of your business requiring development before the IPO team commences work 我们的上市准备工作评估服务帮助企业在上市工作启动前发现需要改进的领域 Enables an action plan to be developed and implemented 帮助制定和执行上市准备工作的方案 Delivered by experienced members of our IPO team in London and PRC 评估工作由伦敦和中国两地安永上市团队的专家进行 Quick, inexpensive and proven to deliver value 快捷且费用低 Enables the Directors to retain greater control over the IPO process 对董事把控上市工作的全局和流程有很大帮助,2008年7月3日,The Reporting Accountant,Page 13,The keys to a successful IPO 上市成功的关键因素,Effective project management 有效的项目管理 Being ready when the IPO process starts 准备充分 Appointing advisors that will work as one integrated team for you, deploying a wide range of relevant skills and knowledge 上市团队中各方面顾问之间的协调合作 Being willing to accept that the IPO involves change and using this change process to improve the performance and management of the business 用积极的心态看待并接受上市对企业和个人带来的变化 Demonstrating commitment by the Companys leadership by providing the necessary resources and sponsorship to the project 公司管理层对上市工作提供必要的资源和支持,2008年7月3日,The Reporting Accountant,Page 14,Why Ernst & Young 为什么选择安永,Philosophy of best team which includes Specialists in the London market and native Chinese experts 最佳团队 (包括伦敦资本市场及母语为汉语的专家） Unrivalled IPO experience 无人可及的伦敦高增长市场经验 Dedicated transaction team using specialists from all parts of Ernst & Young 由安永各个领域专家组成的专注的上市团队 A partnering approach prior to IPO, through the flotation and beyond 长期合作伙伴 We proactively seek out “roadblocks” and work with you to achieve pragmatic solutions主动发现上市过程中的潜在问题和障碍并提供解决方案 Design a structure to maximise tax and operational efficiency 设计最佳的节税和提高运营效率的公司架构 Focused not just on completing the IPO but on the success of your company afterwards by helping you establish the essential robust financial reputation with investors and analysts 帮助公司提升财务管理的形象,2008年7月3日,The Reporting Accountant,Page 15,Our position for Inbound IPOs 安永（英国）上市业务的表现,FTSE 100 and 250 inbound listed companies share by number audited (Snapshot March 2008) 英国金融时报指数100和250成份股 外国公司在英国上市,2008年7月3日,The Reporting Accountant,Page 16,Our position for Inbound IPOs during 2007 安永（英国）2007年上市业务的表现,In 2007 Ernst & Young was 2007年 安永在以下方面位列第一 Number 1 all IPOs by proceeds value (按融资金额计) Number 1 all IPOs by market cap (按市值计) Number 1 all inbound IPOs by market cap and proceeds value (按市值和融资额计) Number 1 FTSE 250 inbounds listed by Auditor (金融时报250指数计),Top inbound auditors by market cap m 海外公司在英国上市审计师排名（按市值）,2008年7月3日,T