注册制下IPO关键审计事项与审核问询的互动——来自科创板的经验证据

Interaction of Key Audit Matters and Review-Inquiry Under Registration-based IPO System —Empirical Evidence from Sci-Tech Innovation Board

中文关键词:  注册制  首次公开发行  关键审计事项  审核问询  审计师声誉

英文关键词:registration-based system  initial public offerings  key audit matters  review-inquiry letters  auditor reputation

中文摘要:

      以信息披露为核心的股票发行注册制是资本市场的重大制度创新。基于2019—2022年中国科创板IPO公司数据,实证检验了IPO关键审计事项与审核问询之间的互动关系。研究发现,IPO申报稿中关键审计事项披露数量越少,证券交易所的审核问询力度越大；证券交易所审核问询力度越大,IPO注册稿与申报稿中关键审计事项的文本相似度越低。异质性分析表明,上述互动效应仅在IPO由高声誉审计师审计和高声誉保荐人保荐时显著。进一步研究发现,申报稿中资产减值、研发投入和股份支付等关键审计事项的披露会提升证券交易所的首轮审核问询力度；申报稿中关键审计事项的文本长度越长、可读性越低或语调越积极,证券交易所的首轮审核问询力度越大,但经过证券交易所的首轮审核问询后,注册稿中关键审计事项的文本句长或语调积极性均显著降低。因此, 审计师应保持职业谨慎性,与发行人充分沟通回应审核问询问题并充分披露关键审计事项,以提高信息透明度；证券交易所可依据关键审计事项提供的监管线索发挥审核问询的治理作用,以稳步推进中国资本市场的注册制改革。

英文摘要:

      The registration-based initial public offering (IPO) system, which centers on information disclosure, signifies a substantial institutional innovation in capital markets. Using the IPOs on the Sci-Tech Innovation Board from 2019 to 2022 as samples, this study empirically investigates the interaction of key audit matters (KAMs) and review-inquiry letters. The findings indicate that a lower level of KAM disclosures in IPO application documents triggers more intensive regulatory inquiries from the stock exchange, which subsequently leads to reduced textual similarity of KAMs between the final registration documents and initial application documents. Heterogeneity analysis reveals that the interaction effect is significant only for IPOs audited by high-reputation auditors and underwritten by high-reputation underwriters. Further analysis demonstrates that disclosures of KAMs related to asset impairment, R&D investment, and share-based payment in application documents elicit more intensive first-round regulatory inquiries.Additionally, application documents featuring longer KAM texts, lower readability, or more positive tones tend to attract more intensive first-round regulatory inquiries. In contrast, the final registration documents exhibit significantly reduced sentence lengths and tone positivity in KAMs following these inquiries.Therefore, auditors should uphold professional prudence, engage in effective communication with issuers to address regulatory inquiries, and ensure sufficient KAM disclosures to enhance information transparency. Meanwhile, stock exchanges can utilize regulatory cues from KAMs to reinforce the governance function of review-inquiry letter mechanisms, thereby promoting the steady advancement of China's registration-based IPO reform. 