Against the background of innovation and entrepreneurship, internal control is no stranger to each and every one of us. It is the cornerstone that ensures effective operation of capital market and the sustainable and sound development of enterprises. The faster the development of a society, the greater the internal risks faced by enterprises, and it is therefore more inseparable from internal control. According to the latest announcement of audit results released during the Issuance Appraisal Committee Conference, internal control has now become a key element affecting the approval of a company’s IPO.
29th October marked the successful opening of the Symposium on Internal Control for Public Companies and the Press Conference on the Release of 2017 Internal Control Index for Zhejiang Public Companies, which was jointly organized by School of Management, Zhejiang University, Academy of Global Zheshang Entrepreneurship, Zhejiang University and the Listed Company Association of Zhejiang. Representatives from Hailiang Group, Geely Holding Group, WZ Group, Alibaba Group and other 20 well-known large enterprise groups, participants from more than 100 listed companies, more than 40 financial institutions and market intermediary service agencies, political and academic elites, as well as journalists from mainstream media witnessed together – the release of the Top 30 Internal Control for Zhejiang Public Companies and Top 11 Core Findings!
At the meeting, Jiang Wei, Dean of the School of Management of Zhejiang University, and Dingsheng Zhu, Vice President and Secretary General of the Listed Company Association of Zhejiang, jointly delivered the “Report on 2017 Internal Control Index for Zhejiang Public Companies”. Mr. Zhu then announced the List of Top 30 Internal Control for Zhejiang Public Companies with Hailing Stock ranking sixth, a listed company of Hailiang Group. The list is as follows:
The symposium then entered the keynote speech session. Huaiquan Fu, a Director of the Board of Directors, Vice President and Director of Internal Control Auditing of Hailiang Group, first went on stage to address a wonderful speech entitled “Infinite Value of Internal Control”. He first introduced the internal control practice of Hailiang Group by explaining the five elements of internal control, and emphasized the integrity culture of the company itself. He said that internal control is challenging for professionals while seeking the rationality of profit-driven and cultivating a complete internal control system is the goal of listed companies. The low cost of internal control violations of listed companies in China suggests clearly the need for the index system to quantify the internal control for enterprises and further enhance the intensity of system construction.