全面透視中美會計跨境監管僵局

????美國證券交易委員（SEC）會起訴五家中國會計師事務所一案已引發眾多討論：這起訴訟有著怎樣的意義？對在華經營的跨國公司可能產生怎樣的影響？筆者從這一事件的最初就開始寫文章，現可以更詳細地來分析一下這個問題。

????這里可能牽涉到有兩項行動。第一，美國證券交易委員會早已提交了針對這些會計師事務所的訴訟。第二，美國上市公司會計監管委員會（PCAOB）可能更改規定，取消中國會計師事務所的注冊資格。迄今為止，美國上市公司會計監管委員會尚未采取行動。

????SEC一案的結果可能是行政初審法官判定五家會計師事務所未向SEC提交審計工作文件應受處罰。處罰措施可能橫跨譴責這些會計師事務所到全面禁止其為SEC提供審計報告。全面禁止也可能包括，禁止它們繼續服務于跨國公司。筆者認為這種可能性很小。更可能的情況是法官禁止它們為海外私營發行人提供審計服務，不涉及跨國公司客戶。如果是這種情況，跨國公司就不會有問題。話雖如此，但我估計美國上市公司會計監管委員會的條例制定流程會考慮這起SEC訴訟，可能取消那些它無法實施檢查的會計師事務所的注冊資格。

????如果這些事務所的美國上市公司會計監管委員會注冊資格被取消，跨國公司面臨的問題會很嚴重。根據美國上市公司會計監管委員會的規定，任何在美國上市公司審計中承擔關鍵角色的會計師事務所必須是在美國上市公司會計監管委員會登記注冊的事務所。如果這些事務所喪失了登記注冊資格，就不能再繼續承擔關鍵角色。

????下面美國上市公司會計監管委員會條例中對于關鍵角色的定義：

????(p)(ii) 在一份審計報告的準備或提交過程中承擔關鍵角色

????“在一份審計報告的準備或提交過程中承擔關鍵角色”意味著——

????-1 為發行人提供實質性服務，會計師事務所運用或依賴這樣的服務發布全部或部分與發行人相關的審計報告，或者

????-2 為發行人子公司或部分業務提供主要審計服務，這些子公司或部分業務的資產或營收須達到發行人并表資產或營收的20%或以上，是主會計師事務所發布該發行人審計報告時不可缺少的部分。

????注1:第(1)段定義里的“實質性服務”意味著主會計師事務所為發布該發行人審計報告的全部或部分，投入的服務小時數或服務收費在總量中的占比分別達到20%或更多。該服務不包括向非審計客戶提供的非審計服務。

????注2:第(2)段定義里的“子公司或部分業務”包括所有的子公司、部門、分支機構、辦公室或其他業務，不管其組織結構和/或與發行人的控制關系。

????There has been a great deal of discussion about the implications of the SEC case against the five Chinese accounting firms and its potential impact on multinational companies operating in China. I posted on this when the issue first came up, and it is worth a more detailed look.

????There are two possible actions involved here. First we have the present case already filed by the SEC against the firms. Next we have a potential change in the rules by the PCAOB that would deregister Chinese accounting firms. The PCAOB has yet to act.

????The SEC case could lead to the Administrative Trial Judge penalizing the five firms for failing to provide working papers to the SEC. Those penalties could range from censure to completely banning the firms from practice before the SEC. A complete ban could include prohibiting them from serving multinationals. I think the chance of that is remote. More likely, the judge will ban them from auditing foreign private issuers and will leave the MNC clients alone. In that case, there is no issue for MNCs. Nonetheless, I think the SEC process will be subsumed by a PCAOB rulemaking process that proposes to deregister accounting firms that it cannot inspect.

????If the PCAOB moves to deregister the firms, then the risk for MNCs is more serious. PCAOB rules require any firm that plays a substantial role in the audit of a U.S. listed company must be registered with the PCAOB. If the firms lose their registration, then they cannot play a substantial role.

????Here is the definition of substantial role from the PCAOB rules:

????(p)(ii) Play a Substantial Role in the Preparation or Furnishing of an Audit Report

????The phrase "play a substantial role in the preparation or furnishing of an audit report" means –

????-1 to perform material services that a public accounting firm uses or relies on in issuing all or part of its audit report with respect to any issuer, or

????-2 to perform the majority of the audit procedures with respect to a subsidiary or component of any issuer the assets or revenues of which constitute 20% or more of the consolidated assets or revenues of such issuer necessary for the principal accountant to issue an audit report on the issuer.

????Note 1: For purposes of paragraph (1) of this definition, the term "material services" means services, for which the engagement hours or fees constitute 20% or more of the total engagement hours or fees, respectively, provided by the principal accountant in connection with the issuance of all or part of its audit report with respect to any issuer. The term does not include non-audit services provided to non-audit clients.

????Note 2: For purposes of paragraph (2) of this definition, the phrase "subsidiary or component" is meant to include any subsidiary, division, branch, office or other component of an issuer, regardless of its form of organization and/or control relationship with the issuer.