Disclosed related party transactions in accordance with the rules can effectively reduce the transaction costs of enterprises, improve their operation efficiency, and provide convenience for enterprises to raise funds and use funds.It is a very important transaction means. However, there are still some illegal related party transactions in listed companies. When encountering operational difficulties and the market environment is down, many listed companies will choose some non-compliant ways to adjust their financial data in order to avoid delisting or complete performance targets, among which the benefit transmission through related party transactions is a common means. However, there are some related party relationships that are concealed, which are difficult for auditors to identify. Some enterprises will make use of the related party transactions that are not clearly defined by the law, but in fact there is the essence of related party transactions to make profits, which virtually increases the difficulty of the audit process. In this process, it is crucial that certified public accountants can identify the illegal operation of related party transactions and issue correct audit opinions to avoid audit failure.
The first and second parts of this article focus on summarizing and summarizing therelated party transactio audit, and comb the relevant theories used in this article, so as to better understand the follow-up case study. On this basis, the third part of the article introduces the case analysis of Zhongxing Caiguanghua's audit failure of BlueMountain Technology. The fourth chapter focuses on analyzing the reasons for audit failure from four aspects, and the fifth chapter puts forward corresponding countermeasures. For the reasons for audit failure, this article analyzes from four aspects: audit procedures, auditors' professional ethics, quality management and practice environment. First of all, in the audit service provided by the firm, there are problems in the implementation of the audit risk assessment procedures of related party transactions, and the improper use of substantive procedures. Secondly, in the aspect of professional ethics, the firm fails to maintain the audit independence, and the auditors fail to be diligent and responsible, and fail to maintain sufficient professional skepticism. In the aspect of quality management, the audit working papers of the firm's related party transactions are incomplete, and there are omissions in the quality review. Finally, in the aspect of practice environment, the audit practice environment of the firm is poor, and the supervision authority is weak. Accordingly, this article puts forward suggestions on the reasons for audit failure: first, improve the quality of the audit business of the firm. Strictly implement the risk assessment procedures and substantive procedures of related party transactions;secondly, strengthen the professional ethics of firms and accountants. Persist in maintaining the independence of audit firms, ensuring the diligence and responsibility of auditors and strengthening the professional ability of auditors to identify related party transactions;at the same time, improve the quality management of firms.Strengthen the quality management of audit working papers and improve the quality review system of firms;finally, optimize the practice environment of firms and strengthen the supervision of related party transactions.
The full text focuses on the perspective of micro firms and macro audit environment, it will be conducive to sorting out the common problems and concealed problems existing in the audit of related party transactions. This has certain reference significance for improving the theoretical research of related party audit, and also helps accounting firms better deal with the increasingly complex related relationship in the future, and effectively reduce the probability of audit failure.
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