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随着资本在全球的快速流动，中国企业通过海外融资已成为常态。这些在海外上市或有此类上市经历的中国企业在本文简称为中概股。中概股企业早在一段时期内的资本市场中因经营甚好的口碑名扬海内外。然而，中概股市场自2010年开始，掀起了一波接一波的做空潮，中概股企业遭到了海外投资者的一度不信任，投资者对他们报表信息的真实性可靠性产生怀疑，这不禁让人们想起审计方，这个把控报表质量的第三方是否也有问题。抛开中概股自身的问题之外，第三方审计机构确实有着不可推卸的责任，中概股的审计风险值得研究。2020年2月，中概股瑞幸咖啡因为一份做空报告，引发了严重后果，随后有好几家中概股公司经历类似遭遇，做空相关话题又一次被人们所关注。由此可见，中概股在以后的发展中如何防范做空风险、审计师如何防范这类企业的审计风险，就成为一个必要的研究课题。

因此，本文以2018年做空机构浑水屡次针对好未来发布的做空报告为写作背景，选取好未来教育集团作为案例研究对象，运用审计风险的相关基础理论作为支撑，主要运用案例研究法，研究好未来集团屡遭做空危机的概况，分析案例公司在特定背景下面临的审计风险。通过详细阅读做空报告并做以分析，加之好未来集团真实财务数据的分析，也结合相关文献和调查资料，分析了企业层面需要关注风险点，比如经营风险，包括大量的关联方业务、内控相对薄弱等问题。站在事务所的角度，通过现有资料和数据分析了审计师对关键事项取证存在不足，对公司核心业务数据实施的审计程序存在不足，审计师独立性可能受到影响等等。最后从宏观层面分析了跨境审计存在的诸多不便，客观上给注册会计师带来了较大审计难题。

为防范中概股公司审计风险，以及给中国企业带来严重的负面影响，本文从会计师事务所、中概股公司以及外部监管机构三个层面给出了相应的对策。首先公司层面应当着重从自身问题出发，提高信息披露质量，提高风险意识加强内控等；其次审计师需要更加了解不同制度的差异，丰富对中概股公司的取证方法，借鉴做空机构常用的审计思维、事务所应当培养复合型审计人才，完善公司审计制度等等，最后对于跨境审计监管方面，需要完善中概股企业信息披露制度，并且加快推进跨境审计监管，从宏观上降低中概股企业的审计风险。研究中概股的审计风险，以及中概股企业遭遇被做空的方法，对事务所审计质量的提高和跨境审计监管改革提供一定的借鉴，也有助于这些中概股公司正视自身问题，为他们防范恶意做空提供一些实用建议。

ith the rapid flow of capital around the world,it has become normal for Chinese companies to overseas financing.These overseas listed or have such listing experience of Chinese enterprises referred to as China concept stocks.Ever these China concept stocks are well known at the capital market because of their good reputation.But,since 2010,a wave of short selling has taken place in the Chinese concept stock market.China concept stocks have been distrusted by investors for a time,which makes investors doubt the authenticity of their statements.That raises the question of whether the auditor,the third party in charge of reporting quality,is also at fault. Apart from its own problems, the third-party audit institutions do have an unshirkable responsibility,the audit risks of the Chinese audit institutions are worth studying.Luckin Coffee,a Chinese stock,caused serious consequences because of a short report In February 2020.Subsequently,several Chinese stock companies experienced similar experiences,and the topic of short selling once again drew people's attention.Therefore,in the future development of Chinese general stocks,how to prevent the risk of short selling,and how to prevent the audit risk of this kind of enterprises,has become a necessary research topic.

Therefore,this paper takes 2018 short-seller muddy waters for TAL`s shorting report for the writing background,using TAL as the case studying object,using the shorting mechanism,the related basic theories of audit risk as the support,better future research companies have been the cause of the short crisis,means,analysis TAL`s group,the audit risk in a particular context.Through the analysis of the short report content,the future financial data,combined with the relevant literature and investigation data, the analysis of the business risks reflected in the report need to pay attention to,there are a lot of related party business,as well as the relatively weak internal control problems,and then also analyzed the authenticity of the company's revenue accounting in recent years.Secondly,the inspection risks mainly include the auditor's obtaining evidence on key matters,insufficient audit procedures for the core business data of the company,auditor independence and so on.Finally,many inconveniences in cross-border audit bring great audit difficulties to certified public accountants.

To prevent the short selling risk of China concept stocks,this paper gives the corresponding suggestions from three aspects.First of all,the company should enhance the quality of information disclosure,reinforce the internal controls,focusing on themselves,improve the risk awareness and risk resistance ability;Second auditors need to be more understanding of different system and abundance of almost companies forensics method,reference short-seller common audit thinking,firms should develop audit talents,improve the company's audit system and so on, finally for cross-border audit regulation.Study of strands of audit risk,and almost shares in enterprises encountered by shorting methods,to improve the firm's audit quality and cross-border audit provide certain reference regulatory reform,can also help in these almost companies face their own problems,can prevent vicious short to provide some practical advices.