Research On Audit Risk Prevention Of Debt Financing Instruments Of Non-Financial Enterprises

The number and amount of defaulted bonds are growing with the development of the bond market.In order to ensure the operation order of the bond market,the authorities have repeatedly proposed to improve the risk prevention and control mechanism of the bond market.Under the new Securities Law,the registration system with information disclosure as the core is implemented,which makes the auditor’s working environment more complex and the illegal cost higher.As the "gatekeeper"of the capital market,auditors are responsible for the professional reports,professional opinions and other information they disclose,which is an indispensable link in the chain of market risk prevention and control.According to the wind database,the number of bonds issued by non-financial enterprise debt financing instruments accounted for 69%of corporate credit bonds,and the face value of corporate credit bonds accounted for 70%by the end of 2021.It is an important financing instrument for enterprises in the bond market.The demand for audit of non-financial enterprise debt financing instruments is gradually rising,However,due to the characteristics of debt financing instruments of non-financial enterprises and the characteristics of issuers,the areas requiring auditors to focus on are different from the annual report audit of listed companies.On the one hand,the change of market environment requires auditors to improve the audit quality,so as to improve the quality of issuer information disclosure;On the other hand,the key areas of non-financial enterprise debt financing instrument audit are different from the annual report audit of listed companies.Therefore,the research on the risk prevention of non-financial enterprise debt financing instrument audit has important practical significance.From the perspective of auditors,this paper analyzes the overall characteristics of the internal and external environment of the defaulting subjects of debt financing instruments of non-financial enterprises,summarizes the factors affecting the audit risk of debt financing instruments of non-financial enterprises,and makes an in-depth study combined with the case of audit of Yongmei by Xigema firm,Finally,it puts forward the measures for certified public accountants to prevent such audit risks.Combined with the case study,it is found that the major misstatement risk factors affecting the issuers of debt financing instruments are mainly the operating risks of the highly cyclical industry affected by the macroeconomic downturn;Internal control risk and debt repayment risk caused by imperfect internal governance of the company;The existence and accuracy of inflated income and realizable assets.The main influencing factors of inspection risk are the rationality of audit procedures,the adequacy and appropriateness of audit evidence and the professional competence of auditors.In view of the above risks,the proposed risk prevention measures include establishing a background based customer selection system,strengthening the identification of fraud among related parties,and using analysis procedures to judge solvency;Third,improve the audit firm’s professional risk prevention ability through reasonable division and review.