| Public-Private Partnerships(PPP)is known as a public-private partnership.Since the PPP model has the advantage of alleviating local financial pressures and accelerating infrastructure construction,China has frequently introduced policies to promote PPP projects since 2014.Facility construction,ecological construction and environmental protection are of great significance.However,there are many problems in the application process of China’s PPP model.The PPP project causes the government’s implicit debt risk to a certain extent due to the non-standard operation,which in turn triggers the government’s fiscal risk and financial risk.Implicit debt risk increases the audit risk of PPP projects,and the research on PPP project audit oriented with implicit debt risk has very important practical significance.Based on the principal-agent theory and the theory of fiduciary responsibility and immune system theory,this paper firstly reviews the research status of PPP project and PPP project audit,analyzes the characteristics of PPP project the problems existing in China’s PPP project.,pointing out that the hidden debt risk problem makes the PPP project audit encounter challenges.Secondly,the implicit debt risk-oriented PPP project audit is structured.Then,taking the audit of PPP project of M city water environment governance as a case,comparing with the PPP audit structure under the implicit debt risk,this paper analyzes the problems existing in the audit of PPP project and proposes suggestions for improving the audit work of PPP project in M city.Finally,the paper puts forward the implementation of PPP project audit implementation under the implicit debt risk.The research in this paper believes that:(1)At present,the operation of PPP projects in China has problems such as unclear responsibilities of the parties and lax self-regulation of the government.The PPP project brings hidden debt risks,and it also challenges the audit of PPP projects.(2)The PPP audit structure under the implicit debt risk orientation should consider the implicit debt risk performance form and the risk points of each stage of the PPP project to curb implicit debt,prevent hidden debt risk,and play audit evaluation role as the audit target.The stage of follow-up audit is adopted,and the audit of financial expenditure,audit of project risk distribution and audit of project funds are the focus of audit.(3)The PPP project audit of M city water environment governance is compared with the PPP audit structure under the implicit debt risk orientation.The audit purpose is clear,but there are certain problems in its audit.If the staged audit audit is not implemented,the audit intervention time is not Timely,all hidden debt risk points were not covered,and extended audits were not conducted for financing.(4)Implicit debt risk-oriented PPP project audit implementation needs to clarify the responsibilities of all parties in the PPP project,improve the government’s ability to self-regulate,improve the quality of auditors,identify hidden debt risk points in different stages of PPP projects,keep pace with the times,and constantly Improve the audit structure of PPP projects under the guidance of implicit debt risk.The conclusions of this paper have certain guiding significance for improving the implicit debt audit of PPP projects,curbing the implicit debt of PPP projects,and improving the PPP project management system. |
