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高收益基金——偿付能力与审计风险

随着高收益基金的兴起，相当多的争论，评论和猜测的出现是否和在什么时间点高收益基金都出现风险。当一个公司接近破产，关于审计的风险，远远超于了公司的偿付能力。该报告以董事及核数师的角色调查方法确定破产，审计关于高收益基金破产之前的风险水平。

人们普遍认为，偿付能力的概念涉及到有能力满足到期的债务。如果它能够在任何时间，所有的合同在履行其义务，保险公司则负责偿付（或至少大多数情况下）。然而，评估偿付能力是一个挑战，因为在资产负债日准确估计可能很难确定。公司偿债能力的分析可以从两个指标：财务指标与非财务指标。财务指标是用来评估商业破产–公司不能支付所有的债务到期。

The Collapse of HIH - Solvency and Audit Risk 

Following the collapse of HIH, considerable debate, comment and speculation have arisen regarding whether and at what point HIH became insolvent. When a company is close to insolvency, the risk associated with auditing that company is considerably higher than for one that is solvent. This report investigates methods of determining insolvency, the roles of directors and auditors, and the level of audit risk associated with HIH prior to its collapse. 

There is general agreement that the concept of solvency relates to having the capacity to meet debts as they fall due. An Insurance company is solvent if it is able to fulfil its obligations under all contracts at any time (or at least under most circumstances). However, assessing solvency can be a challenge, as accurate estimates of the liabilities at the balance date may be difficult to determine. 

Analysis of company solvency can be made from two indications: financial indications and non-financial indications. Financial indications are used to assess commercial insolvency – the company being unable to pay all its debts as and when they become due. Non-financial indications are used to assess regulatory insolvency, which occurs when the company breaks the requirements imposed by legislation, supervising regulations and other laws. Regulatory insolvency can lead to commercial insolvency . 

Financial ratios, such as debt to asset ratio, current ratio and ratios calculated from the cash-flow statement can be used to determine commercial solvency, however care must be taken to ensure that that appropriate figures are used in the calculation. The HIH debt to asset ratio was 0.89 if the figures in financial reports were used; however if the PPE, deferred acquisition costs, intangibles and future tax benefits were disregarded, the ratio would be 1.01 – a warning sign of insolvency! This ratio indicates a major long-term under-provisioning situation. 

Operational indicators, such as strategic direction, deficiencies in the governing body, rapid or unplanned development of business, should be considered as non-financial indicators of insolvency . During the 1990s, the business environment for Australian insurers was challenging, and insurance companies had to change strategies. During this time, HIH put undue reliance on reinsurance to meet its future debts and embarked in high-risk insurance services such as the UK film investments and marine insurance business. The risky HIH investments in FAI and operations in the United States and the United Kingdom were decisions that should have indicated problems with the group's direction. HIH also broke the 'minimum solvency requirement' imposed by s. 29 of the Insurance Act 1973, which requires that the value of the insurer's assets at all times exceed the amount of its liabilities by not less than the greater of $2 million, 20 per cent of annual pr本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。