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2019/9/2ComparativeStudyonMeasuresofWindowDressing1财务报表粉饰与分析2019/9/2ComparativeStudyonMeasuresofWindowDressing2讲授大纲•美国上市公司报表粉饰概述•美国上市公司报表粉饰的典型手段–CFE调查报告总结的典型手段–AICPA最新审计准则对舞弊的描述–SEC前主席ArthurLevitt的观点–审计总署（GAO）的调查•中国上市公司报表粉饰的典型手段–报表粉饰的传统手段–报表粉饰的现代手段•中国上市公司报表粉饰典型案例分析•财务报表分析框架（HarwardModelofF.S.A)•附录：Sarbanes-OxleyAct–简要介绍该法案对独立董事的启示，特别是与CPA沟通应注意的问题2019/9/2ComparativeStudyonMeasuresofWindowDressing3OverviewofFinancialFraud6152293020406080100EnronXeroxRiteAidWorldComFakedProfit2019/9/2ComparativeStudyonMeasuresofWindowDressing4BiggestU.SBankruptciesSince19801070634359339255244215202170168020040060080010001200WorldComEnronTexacoFCAG.CrossingAdelphiaPG&EMcorpKmartNTLTotalAssets2019/9/2ComparativeStudyonMeasuresofWindowDressing5DebtsownedtoBanksandInstitutionalInvestorsbyWorldCom(TotalAssets:BV$107billion;MV$15billion;TotalDebts$41billion)$inmillionBank&TrustAmountInstitutionalInvestorsamountJPMorganTrustCo.17,200.00CALPERS387.5DeutscheBank240.25Prudential386.5ABNAmcoBank202.75MetropolitanLifeInsur.300.3Citibank154.88Vanguard281.9Fleet150.00TravelersAssetmgt.270.1BankOne100.00NorthwestInvest.Mgt.267.0MellonBank100.00AllianceCapitalMgt.253.9WellsFargoBank100.00AmericanExpressF.A212.4JPMorganChase6.00WellingtonMgt.212.12019/9/2ComparativeStudyonMeasuresofWindowDressing6Merck’FakedRevenue28.4350.640.4429.855506.90100200300400500600199920002001FakedRevenueTotalRevenue2019/9/2ComparativeStudyonMeasuresofWindowDressing7FinancialFraudsandIndependentDirectors•Overviewoffinancialfraudsorearningsmanagement•其他公司–Microsoft,GE,IBM,Boeing,Lucent,Cisco,Oracle,AOL,Nortel,Qwest,Tyco,GlobalCrossing,Cendant,WMX,Sunbeam,Adelphia公司名称(事务所名称）舞弊种类及金额是否由AC发现？是否由CPA发现？独立懂事/董事会人数Enron(AA)虚增利润6亿美元,隐瞒负债30多亿美元否否15/17Xerox(KPMG)虚增利润15亿美元否否7/9RiteAid(KPMG)虚增利润22亿美元否否7/9WorldCom(AA)虚增利润93亿美元否否9/112019/9/2ComparativeStudyonMeasuresofWindowDressing8CFE’sClassificationSchemeFraudCorruptionAssetMisappropriationFraudulentStatementsConflictsofInterestBriberyIllegalGratuitiesEconomicExtortionCashFraudulentDisbursementsInventoriesandAllOtherAssetsBogusRevenueTimingDifferencesConcealedL&EImproperDisclosureImproperValuation2019/9/2ComparativeStudyonMeasuresofWindowDressing9CFE:DurationofbySchemeType25.0024.0024.0023.0022.0019.0017.0017.008.00051015202530虚假报表费用包销篡改支票虚开发票受贿腐败伪造工资截留收入挪用资产座支现金舞弊期限（月）2019/9/2ComparativeStudyonMeasuresofWindowDressing10CFE:InitialDetectionofFraud•发现舞弊方法及比例–雇员举报26.3%–偶然发现18.8%–内部控制18.6%–内部审计15.4%–外部审计11.5%–客户举报8.6%–匿名举报6.2%–卖方举报5.1%–执法部门通报1.7%1401009982674633279020406080100120140160雇员举报偶然发现内部控制内部审计外部审计客户举报匿名举报供应商举报执法通报发现舞弊案件数2019/9/2ComparativeStudyonMeasuresofWindowDressing11CFE:EffectiveMeasurestoPreventFraud1.623.73.974.084.474.865.026.0701234567强有力的内部控制检查雇员背景常规舞弊审计制定舞弊防范政策对舞弊提出起诉的意愿雇员道德培训匿名舞弊报告机制工作场所监视2019/9/2ComparativeStudyonMeasuresofWindowDressing12SAS99:ConsiderationofFraudinaFinancialStatementAudit•AICPA恢复公众信任的一个重大举措–2002.10.15，AICPA发布采纳SAS99的决定–取代SAS82（1996）–自2002年12月15日生效–SAS将在2002年10月末或11月初正式颁布2019/9/2ComparativeStudyonMeasuresofWindowDressing13SignificantChangesintheNewFraudStandard•4个重大变化–进一步强调职业怀疑（ProfessionalSkepticism)的重要性•对舞弊及其特征进行描述–要求审计小组应当直面舞弊•应当具有职业怀疑的心态（MindsetofPS)重大变化–实施意想不到的审计测试（UnpredictableAuditTests)•对客户没料到的地区、场所和账户进行测试–对管理当局逾越控制（OverrideofControl)作出反映•提出测试管理当局逾越控制的审计程序2019/9/2ComparativeStudyonMeasuresofWindowDressing14DescriptionandCharacteristicsofFraud•1个关键要素–舞弊是蓄意行为（IntentionalBehavior)•舞弊是个法律概念，CPA不对某项行为是否属于舞弊作出法律决定•舞弊与差错的差别在于是否故意造成错报或漏报–实际工作中难以判断，如不合理会计估计（UnreasonableAccountingEstimates)•2种舞弊类型•虚假财务报告产生的错报–Misstatementsarisingfromfraudulentfinancialreporting•挪用资产产生的错报–MisstatementsarisingfrommisappropriationofAssets2019/9/2ComparativeStudyonMeasuresofWindowDressing15DescriptionandCharacteristicsofFraud•3个必备条件–动机或压力•Managementoremployeeshaveanincentiveorareunderpressure–机会•Circumstancesexist(e.g.absenceofcontrol,ineffectivecontrol,abilityofmanagementtooverridecontrols)thatprovideanopportunityforafraudtobeperpetrated–理由•Thoseinvolvedareabletorationalizeafraudulentactasbeingconsistentwiththeirpersonalcodeofethics2019/9/2ComparativeStudyonMeasuresofWindowDressing16TriangleofFraud•Albrechtel.al提出的舞弊铁三角PressureOpportunityRationalizationFraud2019/9/2ComparativeStudyonMeasuresofWindowDressing17ArthurLevitt’sCommentson“NumberGame”•5MethodsGamePlayingidentifiedbyLevitt–Big-bathcharges(洗大澡或巨额冲销）–Creativeacquisitionaccounting（创造性并购会计）–Cook-jarreserves（甜饼盒式准备金）–Revenuerecognition（收入确认）–Materiality（重大性）2019/9/2ComparativeStudyonMeasuresofWindowDressing18GAO:RestatementbyReason,1997-200237.915.714.18.95.95.45.13.630510152025303540收入确认成本费用其他资产减值收购兼并证券问题重分类IPR&D关联交易百分比2019/9/2ComparativeStudyonMeasuresofWindowDressing19中国上市公司报表粉饰典型手段•报表粉饰的传统手段•收入确认•虚拟资产•期间费用资本化•股权投资•存货及应收账款•其他应收应付款•报表粉饰的现代手段•资产重组•关联交易•资产评估•补贴收入•八项准备•会计调整2019/9/2ComparativeStudyonMeasuresofWindowDressing20A公司的财务图象(单位：万元）-250000-200000-150000-100000-50000050000199920002001净资产主营收入净利润年度净资产主营收入净利润199920,7096,75720,01020003,0146,797-16,5852001-198,8685,187-225,7242019/9/2ComparativeStudyonMeasuresofWindowDressing21A公司2001年度减值明细表(单位：万元）项目年初余额本年增加数本年转