科龙审计报告作业

1、PSB ACAADEMYDMAAuditinng andd Assuurancee ServvicesCoursewworkLectureer: Lii, Xinn Team meember: Jiangg, Chuuanqinn F0000397288Zheng, Wenpoo F0000397877Ren, Shhishuaai F0000397446Ren, Shhishuaai F0000397446You, Chhunhuii F0000397733Tang, XXiao FF000399750- NNovembber 166, 20110- Engaggementt (1)Acco

2、rdiing too the commiissionn Keloon Eleectriccal Booard oof Dirrectorrs, wee Hiseense KKelon Electtricall Co., Ltd. in aaccorddance with Accouuntingg Stanndardss and the Enterrprisee Accoountinng Sysstem prepaared bby Deccemberr 31, 2009 balannce shheet, incomme staatemennt andd cashh in 22009 fflow

3、sstatemment aand thhe auddit off finaanciall stattementts. Thhroughh the impleementaation of thhe auddit woork, wwhetheer thee finaanciall stattementts in accorrdancee withh Accoountinng Staandardds andd the enteerprisse acccountiing syystem be ppreparred, wwhetheer faiirly iin alll mateerial respee

4、cts, Wuhann Zhonngyuann comppanyss finaanciall posiition, operratingg resuults aand caash fllows oof thee audiit opiinion. The Auditt Depaartmennt of the sstatuttory aaudit of annnual finanncial stateementss. Under tthe AAccounnting Law and Enterrprisee Finaanciall Stattementts Reggulatiions, Hiseen

5、se KKelon Electtricall Co., Ltd. and Hisennse Keelon EElectrrical Co., Ltd. Leadeer hass the respoonsibiility to ennsure the aauthennticitty andd inteegrityy of aaccounnting inforrmatioon. Too thiss end, Hiseense KKelon Electtricall Co., Ltd. has the rresponnsibillity tto keeep thee manaagemennt and

6、d deliivery of acccountting rrecordds (inncludiing buut nott limiited tto acccountiing doocumennts, bbooks and oother accouuntingg dataa), thhese rrecordds musst be true and ccompleete reeflecttion oof Hissense Kelonn Elecctricaal Holldingss Co., Ltd. finaanciall posiition, operratingg resuults aand

7、 caash fllows. In acccordaance wwith AAccounnting Standdards and tthe eenterpprise accouuntingg systtem ffor prrepariing fiinanciial sttatemeents HHisensse Kellon Ellectriical CCo., LLtd. mmanageements ressponsiibilitty, thhis reesponssibiliity inncludees: (11) dessign, impleementaation and mmaintee

8、nancee of rrelateed finnanciaal staatemennts annd intternall conttrol sso thaat thee finaanciall stattementts do not eexist as a resullt of fraudd or eerror free of maateriaal missstateement; (2) seleccting and aapplyiing appproprriate accouuntingg poliicies and mmake rreasonnable accouuntingg estii

9、matess. Accordiing too Chinna Seccuritiies Reegulattory CCommisssion and CChina Assocciatioon of the rrelevaant prrovisiions oof thee Certtifiedd Publlic Acccounttant iin thee audiit proocess, our respoonsibiilitiees aree: (1) in tthe immplemeentatiion off audiit worrk bassed onn the Hisennse Keelon

10、 EElectrrical Holdiings CCompanny Limmited on thhe finnanciaal staatemennts auudit oopinioon. Ceertifiied Puublic Accouuntantt in aaccorddance with auditting sstandaards iin Chiina (hhereinnafterr refeerred to ass Audiiting Standdards) shalll be auditted. (2) Ann audiit invvolvess perfforminng auddi

11、t prroceduures tto obttain tthe ammountss and discllosurees in the ffinanccial sstatemments of thhe auddit evvidencce. (33) We need a reaasonabble pllan annd perrform the aaudit to ennable the aaudit to obbtain suffiicientt apprropriaate auudit eevidennce, ffor Hiisensee Keloon Eleectriccal Coo., Lt

12、td. fiinanciial sttatemeents aare frree off mateerial missttatemeent too obtaain reeasonaable aassuraance. (4) wwe havve thee respponsibbilityy speccifiedd in tthe auudit rreportt founnd Hissense Kelonn Elecctricaal Corrporattion iin a mmateriial reespectts, inn comppliancce witth corrporatte acccou

13、ntiing sttandarrds annd ennterprrise aaccounnting systeem, tthe prreparaation of fiinanciial sttatemeents aand faailuree to aadjustt our recommmendaationss on mmatterrs. (55) thee natuure off the testiing annd audditingg of tthe otther iinhereent liimitattions, and the iinhereent liimitattions of in

14、nternaal conntrol, therre is ineviitablyy somee mateerial missttatemeent maay remmain uundisccovereed in the aaudit risk. (6) Our aaudit does not rreplacce, reeduce or waaive HHisensse Kellon Ellectriical HHoldinngs Coo., Lttd. annd Hissense Kelonn Elecctricaal Co., Ltdd. mannagemeents respoonsibiil

15、ity. Preliiminarry Asssessmeent (22-3) 2.1 Natture oof bussinesss, cusstomerr basee, commpetittion aand prroductts. Guangdoong Keelon EElectrrical Co., Ltd iis currrentlly thee larggest eenterpprise groupps, onne reffrigerrationn applliancees, reefrigeeratorrs witth an annuaal outtput oof 8000 milll

16、ion uunits annuaal outtput oof 4000 milllion uunits of aiir connditiooners, refrrigeraators and aair coonditiionerss in tthe doomestiic marrkets play an immportaant roole, eespeciially in thhe reffrigerrator markeet shaare off firsst in the ccountrry forr ten yearss. 2.2 Rannge annd commplexiity off

17、 prodducts and sservicces. PProducct Rangee Kelon bbrand is cuurrenttly thhe larrgest enterrprisee grouups, oone reefrigeeratioon apppliancces, rrefriggeratoors annd airr condditionners iin thee domeestic markeets pllay ann impoortantt rolee, esppeciallly inn the refriigerattor maarket sharee firsst

18、 in the ccountrry forr ten yearss. Chiina Keelon GGroup is heeadquaartereed in Shundde Disstrictt of FFoshann Cityy, Guaangdonng Proviince, begann prodductioon of refriigerattors iin 19884, iss one of thhe firrst prroducttion oof reffrigerrator. Folllowingg the issuee of HH sharres inn 19966 and lis

19、teed in Hong Kong afterr 19999, Kellon haas succcessffully issueed A ssharess in SShenzhhen, iin thee samee yearr alsoo by the WWorld Econoomic FForum organnizatiion nnominaated ffor thhe 19999 Besst Gloobal EEmergiing Maarketss, onee of 1100; 22001 wwas FFortunne maagazinne as hundrred ennterprrise

20、s of Chhinesee listted coompaniies. Kelon cconsisstent focuss on lleadinng tecchnoloogy, ffluoriine-frree reefrigeeratorrs in 1996 due tto tecchnicaal acccess tto a hhandfuul of counttries withiin thee induustry and ttechnoologiccal prrogresss awaard inn 20000, hyddrocarrbon ssubstaances for mmanufa

21、acturiing syystemss re-CCFC allternaativess withhin thhe inddustryy the only counttry wiith thhe typpe of technnologiical pprogreess awwards . 20001, Keelon hhas beeen thhe corre of the tten leeadingg posiition in doomestiic reffrigerratorss, of whichh therre aree fivee moree worlld leaader. In 2000

22、3, tthe Gllobal Envirronmennt Faccilityy (GEFF) orgganizeed thee eneergy sstar rrefriggeratoor, CCompettitionn, Kellon annd toook firrst pllace, was energgy staar awward, markiing thhe Kellon reefrigeeratorr enerrgy saaving has rreacheed worrld leeadingg leveel. Maarch 22002, Kelonn refrrigeraator l

23、landmaark inndepenndent reseaarch aand deeveloppment divission mmulti-cyclee refrrigeraation technnologyy and the ttechnoology appliied too a frree muulti-ttemperraturee refrrigeraator, the wworlds firrst suuccesssful iimplemmentattion oof thee refrrigeraator aand frreezerr indeependeently loop and

24、ssharinng conntrol systeem; Seeptembber 20002, KKelon for ddesignn and devellopmennt of all tten chhildreen, caartoonn friddge, aa listting oon thee highhly reegardeed. Suubsequuentlyy, Kellon Grreencoool reefrigeerant usingg enerrgy-effficieent aiir-connditiooning, Kinng of doublle efffect and tthe

25、 kking oof thee digiital ddoublee effeect hhave bbeen ppublisshed, the ddigitaal kinng of the ddoublee-effeect heeatingg and cooliing ennergy efficciencyy ratiio of 5.3 aand 5.4, reespecttivelyy, reaached worldd leadding llevel . In Deceember 2002 an innternaationaal inddustriial deesign compeetitio

26、on helld in King of Bllock 2237AK Kelonn refrrigeraator, king of thhe seccond ggeneraation of Keelon aair-coonditiioned doublle-efffect wwith tthe goold meedal, a crooss-seectionnal hoousehoold apppliannces sso farr the only gold medall todaay, buut alsso be a bussinesss withh two the ssole rrepress

27、entattive oof Golld Awaards. Also, may soundd Lovve Babby Chhild DDeveloopmentt refrrigeraator wwas PProducct Innnovatiion Awward Excelllencee Awarrd. Keelon aat thee end of 20001 trransfeer of sharees by way oof leggal peerson sharees, thhe succcessfful inntroduuctionn of hhigh-ttech aand innternaa

28、tionaal bacckgrouund off the Greeen Colle haas beccome tthe laargestt sharreholdder, KKelon has eestabllishedd the devellopmennt of profiit-cennter ddirecttion, the Pilott for creatte vallue foor cusstomerrs ass the conceept off enteerprisse devvelopmment, estabblisheed thee worrld maajor aappliaanc

29、e mmanufaactureers, the sstrateegic oobjecttives. 2.3 Treends aand deeveloppment of thhe commpany relattive tto itss induustry or maarket sectoor 2.3.1 TThe deeveloppment of thhe inddustryy Chinass whitte gooods prroducttion iin 20008 wass 148.78 miillionn unitts (unnits), comppared with 5.0% growtt

30、h in 2007. Amonng theem, thhe prooductiion off housseholdd washhing mmachinnes 333,720,000 uunits (unitts), aan inccreasee of 66.0%; the pproducction of hoousehoold reefrigeeratorrs 43,560,0000 unnits (unitss), ann incrrease of 122.1%; produuctionn was 71.5 milliion aiir-connditiooning unitss (uniit

31、s), growtth ratte of 0.6%. White ggoods in 20008 allso leed to growtth in the ssize oof whiite uppstreaam commpresssor prroducttion ccapaciity, aalong with Chinaas grrowingg whitte scaale off prodductioon, thhe maiinstreeam brrands have whitee expaansionn by sstartiing thhe commpresssor caan plaan,

32、prrofesssionall comppressoor prooductiion too incrrease overaall buusinesss is also not ffar beehind, Panaasonicc, Hittachi, Samssung aand maany otther fforeiggn commpaniees linne thee comppressoor is also dispuute too Chinna. Sttatisttics sshow tthat CChinas 20008 prooductiion off air-condiitioniin

33、g coompresssor uunits to 844.2 miillionn, an increease oof 6.33% oveer 20007; reefrigeeratorr comppressoor prooductiion reeachedd 49.77 milllion uunits, up 88.3% oover 22007. 2.3.2 TThe immpact of faavorabble annd unffavoraable ddeveloopmentt of tthe inndustrry facctors (1) Thee favoorablee facttors

34、 A. Induustriaal pollicy ssupporrt: Naationaal imppact oof maccroecoonomicc poliicies for tthe inndustrry: thhe staates new eenergyy effiicienccy staandardds to be annnouncced, aand suubsidiies foor eneergy-eefficiient aair-coonditiioningg markket shhare wwill ggraduaally iincreaase, iin whiich enne

35、rgy-efficcient air-ccondittioninng salles inn deveelopedd counntriess accoountedd for more than 90% lless tthan 220% annd dommesticc; B. Sincce thee refoorm annd opeening up thhe lasst cenntury, the devellopmennt of Chinaas naationaal ecoonomy has mmaintaained a higgh groowth rrate, whichh is tthe e

36、aarly nninetiies too ninee yearrs of rapidd deveelopmeent, GGDP (ggross domesstic pproducct) grrowth rate higheest reeachedd 13.55%, whhile dduringg thiss timee was also a siggnificcant iinflattion. In 19998, tthe roole off natiional macroo-conttrol, the nnationnal ecconomyy to aachievve a soft land

37、iing. Howevver, ffrom 22000 tto 20002, thhe nattionall econnomy ggraduaally sshowinng a ttrend of deeflatiion, hhoweveer, Chhinass GDP growtth ratte durring tthis pperiodd remaained at 7% to 88%. Thhe lasst twoo yearrs, wiith thhe conntinuoous exxpansiion off the scalee of iinvesttment, the natioona

38、l eeconommy oncce agaain shhowingg a coontinuuing ttrend of raapid ddeveloopmentt, thee 20033 GDP growtth of 9.1%, whille thee firsst quaarter of 20004 GDDP groowth oover tthe saame peeriod the pprevioous yeear 9.7% (ssee Fiigure 1). C. Statte to addreess thhe finnanciaal criisis oof thee 4 trrillio

39、on in invesstmentt proggrams to sttimulaate ecconomiic groowth By the finanncial crisiis, siince tthe seecond half of 20008 gllobal econoomic sslowdoown, ddecreaased eexternnal deemand, Chinnas eeconommic grrowth has sslowedd but stilll mainntaineed a 22008 ggrowthh ratee of 99.00% is sttill tthe wo

40、orldss fasttest ggrowinng ecoonomiees. Beecausee Chinna is in thhe urbbanizaation and iindusttrialiizatioon proocess in thhe couuntrys neww ruraal connstrucction, the westeern deeveloppment and tthe noortheaast unnder tthe maacro-eeconommic poolicy, combbined with the SState Counccil prromulggated i

41、n reesponsse to finanncial crisiis, thhe exppansioon of domesstic ddemandd and promoote ecconomiic groowth, invesstmentt planns 4 ttrilliion , Chinaas naationaal ecoonomy stilll mainntaineed a ggood ooveralll devvelopmment, infraastruccture invesstmentt is eexpectted too mainntain rapidd growwth, ss

42、ustaiined ggrowthh in ddemandd for electtricitty griid to form a favvorablle suppport. D. natiional high-speedd, heaalthy and sstablee deveelopmeent foor thee whitte gooods inndustrry proovidess a goood exxternaal maccro-ennvironnment. On tthe onne hannd to promoote thhe devvelopmment oof thee whitt

43、e gooods inndustrry hass a goood ennvironnment for iindusttrial invesstmentt, on the oother hand the ddeveloopmentt of tthe coonsumeer marrket tto proovide a staable ffoundaation. (2) advverse factoors Continuuous pprice war sso thaat thee econnomic beneffits oof thee induustry to coontinuue to run

44、llow. MMaturee markket ecconomyy, priice waars teend too becoome sttrong and eeffecttive bbusineess inntegraation toolss markket reesourcces. BBut Chhinass pricce warr is tthe maain foocus oof loccal ennterprrises, whille nott makiing mooney oor lossing mmoney, but consiider ffor a varieety off non-

45、enterrprisee, thee locaal govvernmeent iss stilll tryying tto lett thiss busiiness to coontinuue opeeratinng so that have lost compeetitivvenesss, thee shouuld bee keptt out of buusinesss commpetittion, corpoorate retreeat noo, nott the indusstryss suppply annd demmand bbalancce forr a loong tiime t

46、oo achiieve. Supplly excceeds demannd in the mmarkett enviironmeent, ccompannies oonly tthrouggh lowwer prrices to exxpand markeet shaare inn thiss proccess, the hhigh ccost oof bussinesss willl be eeliminnated to acchievee a baasic bbalancce bettween supplly andd demaand foor thee furtther ddeveloo

47、pmentt of ccompettitivee enteerprisses crreate the ccondittions and tthe prrovisiion off poweer, annd ourr longg-termm exisstencee of aa largge nummber oof infferiorr enteerprisses, mmakingg the face of maarket dominnant eenterpprisess can do noothingg to ggive pprioriity too captture tthe maarket,

48、the resullt is indusstry-wwide iindusttry-wiide cuut-thrroat ccompettitionn and low eefficiiency. 2.4 Perrformaance oof commpany / prooductss relaative to inndustrry peeers 2.4.1 MMarkett Sharre Commparisson Air-connditiooning indusstry iis thee mainn prodduct KKelon Corpooratioon, coompareed witth

49、thee samee induustry: Accordiing too receent Sttate CCounciil Devvelopmment RResearrch Ceenter of Maarket Econoomy Reesearcch Insstitutte, ffrom 22003 tto 20005 airr condditionner maarket Market reseaarch rreportt, shhows, this years topp threee alll comee intoo the air ccondittionerr markket inn Gu

50、anngdongg, Middea, KKelon pointts Homme seccond pplace, thirrd oveerall. It is uundersstood that the ssurveyy coveering 54 ciities, 553 distrributoors annd 21,300 UUrban houseeholdss. Thee finddings show that this year, Greee, Middea, KKelons marrket sshare were 13.766 , 122.91%, 11.002%, ccomparred

51、 wiith laast yeear, bboth bby inccreaseed marrket sshare, threee of whichh Kelon rrapid growtth, a net iincreaase off moree thann 2 peercenttage ppointss, to indusstry eexpertts, too prommote iits tthree-year powerr 2,0000 yuaan, tthe effficieent aiir-connditiooning on. Overalll, thiis yeaars ccompe

52、ttitionn in tthe doomestiic airr condditionner maarket has bbeen ddecenttralizzed too centtralizzed, GGree, Mideaa, Kellon, Haier 110 topp-rankking bbrand markeet shaare ass highh as 885.47%, an increease oof neaarly 11 0 peercentt, andd the remaiining 14.533% by the mmore tthan 2200 smmall aand mee

53、dium-name brandds andd segmmentattion, markeet commpetittion Competiition preseents the sstrongg stroonger and tthe weeak weeaker, thee patttern. In thiss yearrs aiir warr, Greee, Miidea, Kelonn and otherr brannds baattle throuugh teechnollogy, channnel waar, prrice Battle grid to taake thhe iniitia

54、tiive too prommote tthe inndustrry shhufflee. Grree addhere to prrofesssionall refrrigeraation line this year, the main push of coool aiir-connditiooned kking, driveen by demannd in the mmarkett as AA toucch of brighht higgh-endd markket; aand Keelon aair-coonditiioningg shouuld bee effiicientt to s

55、sell tthe innitiattive tto givve fulll plaay to theirr accoount ffor thhe eneergy eefficiiency indusstry Advantaages oover hhigh ggroundd, pusshing the doublle efffect KKing air-ccondittioninng, innverteer airr condditionner att the arenaa withh the game, signned huundredds of experrts Name foor sal

56、le andd otheer acttivitiies, aachievved reemarkaable ssuccesss. Coontenttion iin thee channnel, and KKelon brandds witth larrge diistribbutorss suchh as cclose coopeeratioon witth eacch othher too makee a cconspiiracy of siilencee in the sshoppiing guuide, promootionss, etcc. to proviide seervicees

57、forr themm, coonsulttant type of maarketiing thhat maany smmall bbrandss to eenter the ccityss channnel wwas bllockedd; thee samee timee, strrengthhen thhe connstrucction of itts ownn netwwork oof deaalers to reely soolely on smmall sshipmeents eexert tremeendouss presssure on thhe braand. KKelon in

58、trooducedd thiss yearr, thhe intterestts of dealeers maanagemment greattly deealerss welccome tthis yyearss bigggest wwinnerr in tthe waar chaannel. Statte Couuncil Devellopmennt Ressearchh Centter off Markket Ecconomyy Insttitutee depuuty diirectoor of the tthat, Gree, Mideea, Keelon, Haier bbrand,

59、 repuutatioon, sttrengtth, occcupy a siggnificcant aadvanttage oon thee facee of rraw maateriaal priices, with upstrream ssuppliiers hhave aa barggaininng chiip, thhe prooduct cost contrrol abbilityy, andd busiiness risk is reelativvely ssmall; On tthis bbasis, withh the downsstreamm disttributtion

60、bbusineess annd esttablissh a sstablee relaationsship. The ssecondd and thirdd tierr brannds doo not have thesee condditionns, whhich iis disstribuuted tto thee markket thhis yeear byy the conceentrattion oof thee mainn reasson. State CCounciil Devellopmennt Reseaarch Centeer of the ttop thhree aair