美國上市審計服務小冊子 - Crowe Horwath International

Global Ranking of Accounting NetworksRank International network Most recent year’s fee income($ in millions)1 PricewaterhouseCoopers 26,171.02 Deloitte Touche Tohmatsu 26,100.03 Ernst & Young 21,400.04 KPMG International 20,110.05 BDO International 5,026.66 RSM International 3,875.67 Grant Thornton International 3,592.08 Baker Tilly International 3,128.69 Crowe Horwath International 2,746.710 Nexia International 2,110.011 PKF International 1,905.312 HLB International 1,771.0Asia Pacific RankingSource: International Accounting Bulletin, Jan 2010Rank International network Revenue($ in millions)1 PricewaterhouseCoopers 3,8032 Deloitte 3,4003 Ernst & Young 3,1574 KPMG 3,0075 Crowe Horwath International 6516 BDO 4487 Grant Thornton International 3898 RSM Asia-Pacific 3539 Nexia International 32810 Baker Tilly International 325Source: International Accounting Bulletin, Jul 2010Crowe Horwath – One of the Top Ten PublicAccounting Firms in the USCrowe Horwath International’s US member firm has been recognized as one of thetop ten public accounting firms in the US consecutively for 14 years.According to the “Public Accounting Report” Top 100 List for 2008, our US memberfirm achieves:n The 9 th largest public accounting firm in the US (based on US net revenue)n The 8 th largest SEC audit practice (based on the number of SEC clients)n A Non-Big 4 “Performance Leader” (in the net revenue/profitability category)n A Non-Big 4 “A&A Practice Leader” (based on its high percentage (65%) ofassurance revenue)3

Introduction of Major Capital Markets in the USThe five major capital markets in the US include NYSE, AMEX, NASDAQ, OTCBB andPink Sheets.Overview of NYSENYSE (New York Stock Exchange) is the largest, most well known and most historicalcapital market of the United States. The trading method on NYSE is similar with othertraditional capital markets, by using the continuous auction format. Traders will placebids in accordance with trading conditions specified by their clients and find buyers/sellers on the trading floor. Specialist brokers of the Exchange conducts open outcryauctions of securities and after a process of bidding, the transactions are completed.Listing requirements on the NYSE are the most stringent amongst the US capitalmarkets, hence it is not suitable for enterprises that have yet to experience profits butare seeking to list.Overview of AMEXNYSE Amex Equities, formerly known as the American Stock Exchange (AMEX) isthe second largest stock exchange in the US. Trading on AMEX is mostly similar toNYSE, the difference being the size of companies traded on AMEX tends to be smalland medium enterprises as opposed to larger companies on NYSE. Enterprisesthat have not achieved the listing requirements of NYSE can choose to list onAMEX. Companies like Exxon and General Motors were initially listed on AMEX andsubsequently migrated to NYSE when they became dominant industry leaders.Overview of NASDAQNASDAQ (National Association of Securities Dealers Automated Quotations) is anelectronic screen based trading platform. There is no physical presence of a tradingfloor as with NYSE and AMEX. Transactions on NASDAQ are conducted throughcomputers, telecommunication networks or cable networks. Companies at itsdeveloping stage may find the stringent requirements of NYSE difficult to meet.NASDAQ offers an alternative for companies to gain public exposure. A numberof the highest market capitalization companies in the United States are listed onNASDAQ including Intel, Microsoft and Cisco. NASDAQ is further subdivided intothree boards of NASDAQ Global Market, NASDAQ Global Select Market andNASDAQ Capital Market.Overview of OTCBBOTCBB (Over the Counter Bulletin Board) is regulated by Financial IndustryRegulatory Authority (FINRA), the same authority regulating NASDAQ. An OTCBBlisted entity can apply to migrate to NASDAQ Capital Market once it has satisfied thefollowing criteria: more than 300 shareholders, price per share maintained at aroundUS$4-5, net asset value of above US$4 million. Companies de-listed from NASDAQcan be quoted on the OTCBB through market makers and sponsor registration.Companies that fail to meet the requirements for quoting on the OTCBB can seekquoting on Pink Sheets. As the OTCBB is in between NASDAQ and Pink Sheets, it isan important board on the US capital markets.Overview of Pink SheetsPink Sheets is the lowest market amongst the capital markets of the US. Thereare no general requirements on an entity’s revenue, profit or asset value. Quotingon the Pink Sheet does not require approval by the Securities and ExchangeCommission (SEC). The only requirement is a market maker who is willing to facilitateover-the-counter trading of securities for the entity. Pink Sheets serve as the tradingplatform of those securities de-listed from other capital markets such as NYSE,AMEX, NASDAQ and OTCBB. Pink Sheets can act as a haven for companies thattemporarily fail to satisfy the listing requirements of their respective markets.5

Listing Requirements of the Five Major Capital Markets in the United StatesItemStockExchangePlatfomAsset Value Profit Before Tax Revenue Operating Cash FlowNYSEN/AUS$100m aggregatefor the last 3 years andUS$25m in each of the2 preceding yearsN/AN/AOption 1 US$4m of net assets US$0.75mOption 2 US$4m of net assets N/AAMEXOption 3 US$4m of net assets N/AN/AN/AOption 4 N/A N/AOption 1 US$15m of net assets US$1mOption 2 US$30m of net assets N/ANASDAQ GlobalMarketNASDAQ GlobalSelect MarketOption 3 N/A N/AOption 4Option 1US$75m each oftotal assets and totalrevenue (in latest year,or 2 of the last 3 years)N/AN/AOption 2 N/A N/AOption 3 N/A N/AOption 4US$55m of net assetsand $80m of totalassets in latest yearUS$11m aggregatefor the last 3 years,US$2.2m in each ofthe 2 most recentyears, and no less thanUS$0 in each of the 3preceding yearsN/AN/AUS$110m inprevious yearUS$90m inprevious yearN/AN/AUS$27.5m aggregate in prior3 years and no less thanUS$0 in each of the prior 3yearsN/AN/A N/A N/AOption 1 US$5m of net assets N/ANASDAQ CapitalMarketOption 2 US$4m of net assets N/AN/AN/AOption 3 US$4m of net assets US$0.75mOTCBB N/A N/A N/A N/APink Sheets N/A N/A N/A N/A6

Market CapitalizationMinimumPubliclyHeldSharesMarket Value ofPublicly HeldSharesOperatingHistoryMinimumPrice perShareMinimumNumber ofShareholdersNumber of MarketMakersUS$500m (when US$100mof revenue during the mostrecent 12 months, US$100m ofaggregate operating cash flowsfor last 3 years with US$25m ineach of the 2 preceding years);or US$750m (when US$75mof revenue for the most recentyear)2.5MsharesUS$100m N/A N/A 5,000 N/AN/AUS$3m N/A US$3N/A US$15m 2 years US$3US$50m N/A US$15m N/A US$2US$75m (or US$75m each oftotal assets and total revenue inlast year, or in 2 of last 3 years)US$20m N/A US$3800 shareholdersand 500,000shares; or 400shareholders and1,000,000 sharesN/AN/AUS$8mN/A3N/A US$18m 2 years 3US$75m 1.1MsharesUS$20m N/AUS$4 4004N/A US$20m N/A 4N/AUS$550mUS$850mUS$160m1.25MsharesUS$110m, orUS$100m (whenUS$110m of netassets)N/A US$4 4504, or 3 (when (i)US$1m of pretaxprofit in recentyear or in 2 of3 most recentyears, US$15mof net assets, andUS$8m of marketvalue of publiclyheld shares; or (ii)US$30m of netassets, 2-yearoperating history,and US$18mof market valueof publicly heldshares)N/A1MsharesUS$15mUS$15m2 yearsN/AUS$4 300 3US$5mN/AN/A N/A N/A N/A N/A 35 1N/A N/A N/A N/A N/A 35 17

Professional Team for US Capital Markets ListingTo prepare for listing in the United States, enterprises must put together a competentprofessional team comprising auditors, legal advisors, valuers, investment bankers,underwriters and sponsors, printers and public relations firms.Our Professional TeamSharon SumBBA (Hons), FCPA (Practicing)Sharon is an Audit Director of Crowe Horwath (HK) CPA Limited heading the US AuditDepartment to provide audit services to our US listed clients.Sharon has over 18 years of experience in the field of accountancy and auditing. In1992, Sharon joined the audit department of a ‘Big 4’ accountancy practice. From1999 to 2000, Sharon was the Financial Controller of a company that was successfullylisted on the Hong Kong Stock Exchange in April 2000. Sharon has worked for twoyears in Beijing and is familiar with the business environment of China.Before joining Crowe Horwath (HK), Sharon was a Partner in an internationalaccounting firm heading an audit team of over 100 professionals. Sharon has providedauditing services to numerous Hong Kong and US listed clients, accumulating awealth of experience. Sharon’s clients included companies involved in manufacturing,import and export, retail, telecommunications and professional service providers.8

Thomas J. ParryBA, MBA, AICPA, CSCPAThomas has over 30 years of experience in audit and accounting services. He specializesin reviewing quality control policies and procedures for other AICPA member firms and wasa member of the quality control task force of the AICPA Auditing Standards Board chargedwith rewriting the quality control standards for U.S. firms and engagement personnel.He has also served on the national peer review committee responsible for overseeing thepeer reviews of all AICPA member firms performing public company audits and currentlyserves on the AICPA peer review board oversight task force. In addition, he has chaired andcurrently serves on the California Society of CPA’s Peer Review Committee.Since 1976, Thomas has been a shareholder of Benson & Neff Certified Public Accountantsresponsible for the system of quality control applicable to all accounting and audit servicesprovided by the firm. He is also an engagement partner for audits of employee benefit plansand various non-profit entities, audits and reviews of professional service firms and otherbusinesses, and providing tax services to professionals and high net-worth individuals.From 2006 to 2009, Thomas was a contract partner of the accounting and auditingdepartment of Grobstein, Horwath & Company LLP. He was responsible for quality controlreviews of the firm’s attest engagements and audits of public companies and employeebenefit plans.Since June 2010, Thomas is responsible for the quality control of the US engagements ofCrowe Horwath (HK).Wilson TamMBA, BA, CICPA, AMIA, FMAWilson is the Executive Director of Crowe Horwath Tax Services (HK) Limited (“Company”).Wilson has over 17 years professional experience in providing tax and business advisoryservices to multinational corporations and Hong Kong companies.Prior to joining the Company and before 2008, Wilson worked for a “Big 4” internationalaccounting firm for 10 years, of which time he was a tax partner in the firm’s Shenzhenoffice in China for over 4 years. From 2006 to 2007, Wilson was a practising ChineseCertified Public Accountant when he was working in China.Wilson has deep knowledge and extensive experience in advising on international tax, PRCtax and transfer pricing issues in respect of China operations. His areas of specializationinclude tax advisory and planning, transfer pricing consulting and documentationpreparation, tax advisory on China investment and operation models, PRC tax restructuringand tax due diligence for M&A activities, foreign exchange, customs and international tradeadvisory for China business concerns.Wilson frequently gives speeches in seminars on tax, transfer pricing and business topics.9

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全 球 國 際 會 計 師 事 務 所 網 絡 排 名 榜 ()1 26,171.02 26,100.03 21,400.04 20,110.05 5,026.66 RSM 3,875.67 3,592.08 3,128.69 2,746.710 2,110.011 1,905.312 1,771.0International Accounting Bulletin, 20101亞 太 區 國 際 會 計 師 事 務 所 網 絡 排 名 榜 ()1 3,8032 3,4003 3,1574 3,0075 6516 4487 3898 RSM 3539 32810 325International Accounting Bulletin, 20107國 富 浩 華 – 美 國 十 大 會 計 師 事 務 所 之 一142008nnnn () () (65%)12

5(1213122,500)75(17,500)250 1 N/A N/A 5,000 N/A300 N/A 3N/A 1,500 2 35,000 1,500 N/A 2N/A7,500(1327,5002,000 N/A 3)800500,0004001,000,000N/A800N/A3N/A 1,800 2 37,500 2,000 N/A 41104 400N/A 2,000 N/A 4N/A43((i) 15.51.11321001,500125(1.1N/A 4 4508008.5)(ii) 3,00021,800)1.61,5002N/A1001,500N/A4 300 3500N/AN/A N/A N/A N/A N/A 35 1N/A N/A N/A N/A N/A 35 115

For more information,please contact:如 欲 索 取 更 多 有 關 資 料 ,歡 迎 聯 絡 :國 富 浩 華 ( 香 港 ) 會 計 師 事 務 所 有 限 公 司Crowe Horwath (HK) CPA LimitedMember Crowe Horwath International9/F Leighton Centre, 77 Leighton Road,Causeway Bay, Hong Kong香 港 銅 鑼 灣 禮 頓 道 77 號 禮 頓 中 心 9 樓E-mail 電 郵: info@crowehorwath.hkTelephone 電 話 : +852 2894 6888Facsimile 傳 真 : +852 2895 3752Service Hotline 客 戶 服 務 熱 線 : +852 2894 6611About Crowe Horwath International國 富 浩 華 國 際 簡 介Crowe Horwath International is ranked among the top 10 global accounting networkswith more than 150 independent accounting and advisory services firms with 650offices and 28,000 professionals and staff in more than 100 countries around theworld. Crowe Horwath International's member firms are committed to impeccablequality service, highly integrated service delivery processes and a common set ofcore values that guide our decisions daily. Each firm is well-established as a leaderin its national business community and is staffed by nationals, thereby providing aknowledge of local laws and customs which is important to clients undertaking newventures or expanding into other countries. Crowe Horwath International memberfirms are known for their personal service to privately and publicly held businessesin all sectors and have built an international reputation in the areas of audit, tax andadvisory services.Information can be obtained at: www.crowehorwath.net國 富 浩 華 國 際 為 全 球 十 大 會 計 師 事 務 所 集 團 網 絡 之 一 , 擁 有 150 多 家 獨 立 會 計 師 事 務 所 和諮 詢 服 務 公 司 、650 個 辦 事 處 遍 布 全 世 界 100 多 個 國 家 、 及 28,000 名 專 業 人 員 和 員 工 。國 富 浩 華 國 際 的 成 員 所 承 諾 向 客 戶 提 供 高 質 素 服 務 、 高 效 率 的 服 務 流 程 、 並 且 遵 循 一 套 共同 核 心 價 值 和 管 理 理 念 。 成 員 所 均 為 當 地 業 界 翹 楚 , 聘 用 熟 識 當 地 法 例 和 習 俗 的 當 地 專才 , 以 協 助 客 戶 拓 展 新 業 務 及 新 市 場 。 國 富 浩 華 國 際 的 成 員 所 在 審 計 、 稅 務 、 風 險 和 諮 詢服 務 領 域 中 均 已 建 立 良 好 聲 譽 , 能 夠 因 應 客 戶 的 需 要 , 提 供 個 人 化 服 務 。如 欲 取 得 國 富 浩 華 國 際 更 多 資 料 , 請 瀏 覽 其 網 站 :www.crowehorwath.netwww.crowehorwath.hkCrowe Horwath (HK) CPA Limited is a member of Crowe Horwath International, a Swiss verein (Crowe Horwath). Each member firm of Crowe Horwath is a separate and independent legal entity.Crowe Horwath (HK) CPA Limited and its affiliates are not responsible or liable for any acts or omissions of Crowe Horwath or any other member of Crowe Horwath and specifically disclaim anyand all responsibility or liability for acts or omissions of Crowe Horwath or any other Crowe Horwath member.© 2012 Crowe Horwath (HK) CPA Limited國 富 浩 華 ( 香 港 ) 會 計 師 事 務 所 有 限 公 司 是 國 富 浩 華 國 際 ( 國 富 浩 華 是 根 據 瑞 士 法 律 組 成 的 社 團 組 織 ) 的 成 員 所 。 國 富 浩 華 的 每 間 成 員 所 均 為 獨 立 的 法 律 實 體 。 國 富 浩 華 ( 香 港 ) 會 計 師 事 務 所 有限 公 司 及 其 聯 營 公 司 不 對 國 富 浩 華 或 國 富 浩 華 任 何 其 他 成 員 所 的 行 為 或 遺 漏 承 擔 責 任 , 亦 明 確 地 拒 絕 對 任 何 人 擔 負 因 國 富 浩 華 或 國 富 浩 華 任 何 其 他 成 員 所 的 行 為 或 遺 漏 而 招 致 的 責 任 。© 2012 國 富 浩 華 ( 香 港 ) 會 計 師 事 務 所 有 限 公 司18 Printed in Aug 20112011 年 8 月 印 刷