Ministry Of Finance Drafted New Financial Policies For Enterprises

"As common as the Sarbanes act".

Reporters learned from people familiar with the matter, the Ministry of finance, on the basis of previous research, has formed the "enterprise internal financial management evaluation trial method" (hereinafter referred to as the "measures"), and the specific design and implementation of the enterprise financial system will be formally incorporated into the supervision of the Ministry of finance.

The measures include quantitative assessment, qualitative assessment, assessment procedures, assessment of work requirements, assessment results and their use. In addition, the qualitative and quantitative assessments are made in detail in the form of annexes.

According to this method, internal financial management evaluation can be evaluated by investors or operators, intermediaries, and competent financial organs.

The assessment stipulates three stages: enterprise self evaluation, intermediary evaluation and competent financial organ evaluation.

"At present, we are consulting all parties' opinions, and then we will make amendments to the" measures "and strive to officially release them before the end of the year so as to promote the pilot work of the evaluation of financial departments and enterprises at all levels.

Song Kangle, deputy director of the Ministry of finance of the Ministry of finance, said in an interview with our reporter.

The Sarbanes act

Song Kangle said that in recent years, there have been numerous financial crises and bankruptcy liquidation of large and medium-sized enterprises at home and abroad. For example, the problem of accounting distortion is widespread in the outbreak of China Aviation Oil, and also reveals the deep-seated problems of financial management out of control in enterprises.

Therefore, through the establishment and improvement of the internal financial management evaluation system, the financial supervision can be moved forward, and the "passive treatment" can be prevented in advance, so that the possibility of violation of discipline can be controlled to a minimum.

Like the Sarbanes act of the United States, the measures are universal for all enterprises.

If they are included in the assessment, they must be assessed by the Ministry of finance. "

Lai Yongtian, director of the Department of enterprise division of the Ministry of finance, told our reporter.

At present, apart from the enterprises supervised by the SASAC, they also include nearly 6000 central enterprises, such as post, tobacco, culture, education, health and so on. "It is impossible to push them all at once. From next year, we will select some enterprises that enjoy financial policies to conduct pilot projects, while guiding local financial development," Lai Yongtian said.

Du Shengli, deputy director of the Institute of economics and management, Tsinghua University, thinks that the assessment of who is involved in the positioning of the method may be very large after the final draft. "It may also be limited to state-owned or state-controlled listed companies."

As a listed red chip company in the US, China Netcom Group has to evaluate the internal control requirements by executives and auditors every year in accordance with the Sarbanes act.

Gui Youquan, deputy manager of the Finance Department of the group, said: "the Sarbanes Act requires very detailed internal control and updates every year according to the template. We basically meet the domestic audit of the group according to the requirements of the United States, so how to coordinate and coordinate is the most need to be resolved."

Assessment of enterprise's financial status in four files

What is the impact of the assessment results on the market and enterprises is the most concerned issue for listed companies, especially state-owned financial holding companies.

According to the regulations, the overall assessment results of internal financial management can be divided into four parts: normal, basic normal, concern and out of control.

The measures also made a specific description of the characteristics of enterprises rated as corresponding grades.

The main difference between the "normal" and "normal" enterprises of financial management lies in the fact that "normal" enterprises are operating normally, and in the past 3 years, they can repay principal and interest, pay wages and pay taxes and fees in time and in full.

The "basically normal" enterprises are operating income, profits decline or signs of insufficient liquidity, some key financial indicators have changed, such as external guarantee, high risk business and other major financial risk factors, such as the increase of contingent liabilities, the extension of the duration of capital construction projects and the excessive adjustment of the budget.

As for enterprises listed as "concerned", there are situations of arrears of principal and interest, wages and taxes and fees. During the period of assessment, losses have occurred for the first time or significant losses have been caused by foreign investment and high-risk businesses.

The "runaway" enterprises are losing money continuously, and the situation of insolvency has appeared.

A number of central enterprises believe that only from the perspective of regulators to consider how to assess is not comprehensive.

"If it can not be linked to the use of state-owned capital and credit rating of banks, the motive force of enterprises to do evaluation will be insufficient."

Gui Youquan, deputy manager of China Netcom Group Finance Department, said.

The Ministry of finance also stipulates that the competent financial organs shall, in written form, deliver the evaluation results to the enterprises and announce them to the public in appropriate ways according to the circumstances.

There are representatives of the business community who are worried about the openness of the society, which will cause adverse effects to enterprises, especially listed companies. "Therefore, in the initial stage of promotion, can it be more applied to the internal business of enterprises and improve their financial management?"

Xue Gui, chief accountant of China Fuma machinery group, said.

Kou Guangwu, deputy general manager and CFO of Yantai Wanhua Industrial Group Co., Ltd. is worried that the assessment results will eventually become a mere formality: "the general enterprises will not basically be concerned about and out of control.

If intermediaries evaluate the listed companies, even if they are good, they will not be the most high-end ones.

So the results are likely to be uniform, and even 85% of the companies are "basically normal".

Straightening out internal and external relations is a prerequisite.

The operability of the measures is also the focus of attention of all parties.

Before the formal issuance of the measures, the Ministry of Finance straightened out the internal and external relations is the prerequisite for the smooth implementation of the measures.

For example, the organizer, chief accountant or financial officer of the internal financial management system, should not only abide by the general accountant Ordinance, but also the Interim Measures for the management of the work of General Accountants of Central Enterprises promulgated by the state owned assets supervision and Administration Commission.

Therefore, there is a problem of coordination between the Ministry of Finance and other departments.

In addition, the five index evaluation system adopted in the quantitative evaluation is very similar to the previous performance evaluation index of the Ministry of finance, and there is a recently published script src=>.