The IPO Audit Responsibility Of The Science And Technology Innovation Board Is Pushed Forward Again, And The Relevant Requirements Are Not Implemented Or The Listing Of Enterprises Will Be Cut Off

Under the registration system, the audit responsibility of the science and technology innovation board is further pressed forward.

On February 1, the Shanghai Stock Exchange issued the "Shanghai Stock Exchange's guidance on the listing of science and technology innovation board No. 2 - self inspection form for information disclosure and verification requirements of common problems" (hereinafter referred to as "self inspection form").

According to the regulations, in the process of enterprises applying for listing on the science and technology innovation board, the recommendation agencies, law firms, accounting firms and other intermediary institutions shall refer to the filling requirements in the self inspection form, and submit the forms and relevant special reports at the same time or within 3 working days after acceptance.

The Shanghai Stock Exchange specially emphasizes that if the relevant information disclosure and verification requirements are not implemented, resulting in major defects in the contents of the application documents for issuance and listing, which seriously affect the understanding of investors and the listing audit, the relevant enterprises will be terminated. In addition, the implementation and filling quality of the self inspection form will also be used as the reference basis for the evaluation of the practice quality of intermediary agencies. If the performance of duties of intermediary agencies is not in place, the Shanghai Stock Exchange will further strengthen the supervision and accountability.

Improve audit efficiency and transparency

Specifically, the "self-examination table" mainly includes two aspects: first, the relevant issues of the listing conditions of the scientific and technological innovation board, such as the horizontal competition with significant adverse effects, major violations of laws and regulations, sustainable operation ability, research and development investment, etc. The other is common information disclosure and verification problems, such as the verification of customers and suppliers, the selection of comparable companies in the same industry and other common IPO reporting problems, as well as the specific problems summarized in the practice of scientific and Technological Innovation Board Audit, such as tips on major issues and cooperative R & D.

To this end, the Shanghai Stock Exchange has also set up two self inspection forms. The first form is used to fill in and fill in the self-examination items related to the implementation of the examination and answer of the science and technology innovation board, including 29 items that the Shanghai Stock Exchange thinks should appear in the issuer's prospectus. The sponsor, the issuer's lawyer and the reporting accountant fill in the verification of the relevant contents.

The second form is used to fill in the answers to some questions and answers of initial business and the implementation of common audit questions. It requires the intermediary institutions to check 48 items that should be disclosed by the issuer. It includes such key contents as horizontal competition with significant adverse effects, major violations of laws and regulations, sustainable operation ability, R & D investment, identification of actual controller, three types of shareholders, and gambling agreement.

"Most of them are usually asked, which is equivalent to preparing the common questions for everyone to ask in advance, and the review period for listing of enterprises will be shortened." For the content of the self-examination table, there are small and medium-sized securities investment banks in Beijing said.

Wang Jiyue, a senior investment bank personage, also said that previously, intermediaries had to wait for the exchange to ask questions before writing their replies, and now they are preparing some universal questions in advance. "In fact, it is a way to improve audit efficiency and quality of declaration."

"The SSE still needs frequent repeated inquiries in the audit, and a large part of the audit resources are deeply involved, which objectively affects the audit department to focus on the audit matters that need to be focused on, and also affects the issuers and intermediaries to continuously improve the quality of information disclosure through audit and inquiry." In response to a reporter's question, the relevant person in charge of the Shanghai Stock Exchange said that "by sorting out the routine problems in the application documents, the self inspection form urges the issuers and intermediary institutions to solve these problems as far as possible before the declaration, which helps to save the audit cost and focuses more on the major compliance, financial authenticity, and effectiveness of information disclosure of the issuance and listing."

In addition, the "self Checklist" combs, refines and publicizes the situation that the audit Q & A and the implementation of common problems are not in place since the launch of the science and technology innovation board, and guides the issuers, especially the intermediary institutions, to check and make up for the common problems and basic matters one by one, which will help to further enhance the transparency of the listing audit of the science and technology innovation board. In addition, the self-examination form also facilitates issuers and intermediaries to prepare for listing declaration in advance, reducing the number and rounds of questions to be examined and inquired, and reducing unnecessary costs.

Pressure on listing audit responsibility

While taking into account the efficiency and transparency of the audit, the exchange also puts forward the audit responsibility through the self inspection form.

"It can be said that in the future, the audit cycle of the IPO of the science and Technology Innovation Board will be further extended. The registration system will put the responsibility of audit forward on the exchange, and the exchange needs to further press forward the responsibility. Previously, it was said that intermediary agencies should take the "gatekeeper" responsibility, but it has not been clearly reflected. Now, the filling out of self-examination forms by intermediary agencies is part of the responsibility. " There are senior investment banks in Beijing said.

It is also the main reason for the Shanghai Stock Exchange to formulate the self-examination form.

According to the relevant person in charge of the Shanghai Stock Exchange, under the condition that the guidelines for the prospectus of the science and technology innovation board and the examination and answering rules have been published, it is still common for the issuers to disclose the information in place, and the intermediary agencies do not do their best to reconcile and check and check. The quality of information disclosure of some issuers, especially the pertinence and effectiveness, is not ideal, and there is still a long way to go to "clarify" the major issues that investors need to know when making investment decisions; some sponsor institutions and their sponsor representatives are lack of initiative, professional ability and responsibility in checking and checking, and there is still a long way to go before the important matters that should be disclosed by issuers are "clear" 。

Therefore, the self-examination form summarizes and lists the information disclosure and verification requirements of common problems in the application documents, and requires the issuer and the intermediary to disclose and verify the information, so as to make the relevant work requirements specific, which will help to effectively improve the disclosure quality of the declaration documents and the practice level of the intermediary agencies.

It is worth mentioning that some people in the securities industry said that the appearance of the self check list also helped the exchange to effectively control the listing rhythm of the science and technology innovation board.

"In the past, it was enough to wait for the exchange to ask questions, but now it is necessary to answer all possible questions in advance. Securities companies and investment banks need to spend more time on desk work, and the pace of reporting projects may slow down." The senior investment banks said so.

According to wind data, at present, there are 94 enterprises in the science and technology innovation board market that have passed the Municipal Committee's deliberation, but have not yet obtained the approval of the CSRC, and there are 120 similar enterprises in the gem waiting for issuance and listing. "Both on-site inspection and self inspection by intermediaries can alleviate this queuing situation to a certain extent." The senior investment bank said.

In this process, the "gatekeeper" responsibility of intermediary agencies is further tightened and compacted.

According to the regulations, the self inspection form shall be signed by the person in charge of the recommendation business, the person in charge of the core, the person in charge of the quality control of the investment bank, the representative of the sponsor, the signing lawyer and the signing accountant, and the official seal of the recommendation institution, the accounting firm and the law firm shall be stamped with the signature date. The special audit report of the accountant shall be signed by the signing accountant, stamped with the official seal of the accounting firm and marked with the signing date.

"The implementation and filling quality of the self-examination form will be used as the reference basis for the evaluation of the practice quality of intermediary agencies. If the intermediary agencies fail to perform their duties properly, the exchange will further strengthen the supervision and accountability. " Person in charge of Shanghai Stock Exchange.