近两百份“非标”样本解剖：时隔七年再现内控与财报“脱节” 审计意见成退市风向标

Core Viewpoint - The increasing prevalence of "non-standard audit opinions" is becoming a significant indicator for delisting in the A-share market, reflecting ongoing improvements in the quality of financial information disclosure among listed companies [1][5]. Group 1: Non-Standard Audit Opinions - As of now, 191 out of 5403 listed companies in the A-share market received "non-standard audit opinions" for their 2024 annual reports, a decrease of 7.3% from 206 companies in 2023 [1][5]. - The breakdown of non-standard opinions includes 20 companies with "unable to express an opinion," 99 with "emphasis of matter" in unqualified opinions, and 72 with qualified opinions [1][2]. - The introduction of internal control audits for the ChiNext and Beijing Stock Exchange has led to 155 internal control non-standard opinions, with 38 companies receiving "negative opinions" [1][2]. Group 2: Audit Firms and Reasons for Non-Standard Opinions - A total of 44 accounting firms issued the 191 non-standard audit opinions, with Zhongxing Caiguanghua leading with 20 opinions, followed by Lixin with 16 [2]. - The primary reasons for non-standard opinions include uncertainties regarding business authenticity, limitations in audit scope, and significant doubts about the company's ability to continue as a going concern [2][3]. - Specific cases, such as *ST Dongtong and *ST Xinyuan, illustrate the challenges faced by companies in providing adequate audit evidence and the impact of ongoing investigations on audit outcomes [2][3]. Group 3: Delisting Risks - Companies receiving "unable to express an opinion" or "negative opinions" face delisting risks under the stock listing rules, with 20 companies already under delisting risk warnings [5][6]. - A total of 98 companies have received non-standard opinions for two consecutive years, with five companies facing potential delisting due to repeated "unable to express an opinion" reports [5][6]. - The new delisting regulations effective from January 1, 2025, may also lead to forced delisting for companies with three consecutive years of internal control non-standard opinions [6][7]. Group 4: Recommendations for Companies - Companies are advised to disclose the specifics and reasons for non-standard audit opinions promptly and to implement corrective measures [7][8]. - Maintaining close communication with audit firms and providing sufficient explanations and evidence for audit concerns can help mitigate the risks of receiving non-standard opinions in the future [7][8].