28 JUN Mf11 Audit Service Center of China National Audit Office for Foreign Loan and Assistance Projects AA Audit Report WkKP4R (2019) 13 - AUDIT REPORT (2019) NO. 13 Project Name: Zhangjiakou - Hohhot Railway Project Financed by the World Bank k T: 8131--CN Loan No.: 8131--CN Project Entity: China State Railway Group Co.,Ltd (The old China Railway Corporation) 2018 Accounting Year: 2018 目录 Contents 一、审计师意见．…，．……，,.........．……，二，二，,.................．……，二，..............．……，二1 1 .Auditor&5 Opinion.......．……，…，..........................................................．……，3 二、财务报表及财务报表附注．.............．……，....................................．……5 11 .Financial Statements and Notes to the Financial Statemenis,......．……，.5 （一）资金平衡表．．…，..........．……，二，,.,,........．……，.，…，................．……，二。二5 1 .Balance Sheet.....................．……，,.........................．……，…，．……，二，.,．。．5 （二）项目进度表，…，．…，....．……，.．……，......．……，..............................．……8 11 .Su~ary of Sources and Uses ofFunds by Project Components （三）贷款协定执行情况表 .....．……，．…，....．……，.,.......................．……13 迸．statementofImPlementationofLoanAgreement......．……，…，…13 （四）专用账户报表．,,，…，...........．……，....．……，二，.,....．……，............．……，14 iv .Special AccoUnt statement...................．……，.,.....................．……14 （五）财务报表附注．．……，.................．……，.．…，.....．……，,,...........．……，二16 v.Notes to the Flnancial statements,.．……，二，…，.........．……，,．…，二，……20 三、审计发现的问题及建议．....．……，.,.,,,．…，二，…，.....．……，.．…，．…，.....．……25 111 .Audit Findings and Reco~endations,....................．……，…，,,.,...．·……26 一、审计师意见 审计师意见 中国国家铁路集团有限公司（原中国铁路总公司）: 我们审计了世界银行贷款张家口至呼和浩特铁路项目2018年12 月31日的资金平衡表，以及截至该日同年度的项目进度表、贷款协 定执行情况表和专用账户报表等特定目的财务报表及财务报表附注 （第5页至第24页）。 （一）项目执行单位对财务报表的责任 簖制上述财务报表是你单位的责任，这种责任包括： 1．按照中国的会计准则、会计制度和本项目贷款协定的要求编 制项目财务报表，并使其实现公允反映； 2．设计、执行和维护必要的内部控制，以使项目财务报表不存 在由于舞弊或错误而导致的重大错报。 （二）审计责任 我们的责任是在执行审计工作的基础上对财务报表发表审计意 见。我们按照中国国家审计准则和国际审计准则的规定执行了审计工 作，上述准则要求我们遵守审计职业要求，计划和执行审计工作以对 项目财务报表是否不存在重大错报获取合理保证。 为获取有关财务报表金额和披露信息的有关证据，我们实施了必 要的审计程序。我们运用职业判断选择审计程序，这些程序包括对由 于舞弊或错误导致的财务报表重大错报风险的评估。在进行风险评估 时，为了设计恰当的审计程序，我们考虑了与财务报表相关的内部控 制，但目的并非对内部控制的有效性发表意见。审计工作还包括评价 所选用会计政策的恰当性和做出会计估计的合理性，以及评价财务报 表的，悠体列报。 我们相信，我们获取的审计证据是适当的、充分的，为发表审计 意见提供了基础。 1 （三）审计意见 我们认为，第一段所列财务报表在所有重大方面按照中国的会计 准则、会计制度和本项目贷款协定的要求编制，公允反映了世界银行 贷款张家口至呼和浩特铁路项目2018年12月31日的财务状况，以 及截至该日同年度的财务收支、项目执行和专用账户收支情况。 （四）其他事项 我们还审查了本期内报送给世界银行的第044至047号提款申请 书及所附资料。我们认为，这些资料均符合贷款协议的要求，可以作 为申请提款的依据。 本审计师意见之后，共同构成审计报告的还有两项内容：财务报 表及财务报表附注、审计发现的问题及建议。 审计籲国外参沁卜心 2&&9翠子丫浮 ：男越易趁蟒 地址：中国北京市海淀区中关村南大街4号 邮政簖码：100086 电话：86一10一62150750 2 1. Auditor's Opinion Auditor's Opinion To China State Railway Group Co.,Ltd(The old China Railway Corporation) We have audited the special purpose financial statements (from page 5 to page 24) of the Zhangjiakou - Hohhot Railway Project Financed by the World Bank, which comprise the Balance Sheet as of December 3 1, 2018, the Summary of Sources and Uses of Funds by Project Component, the Statement of Implementation of Loan Agreement and the Special Account Statement for the year then ended, and Notes to the Financial Statements. Project Entity's Responsibility for the Financial Statements Your entity is responsible for the preparation of the financial statements mentioned above, which include: i. Preparing and fair presenting the accompanying financial statements in accordance with Chinese accounting standards and system, and the requirements of the project loan agreement; ii. Designing, implementing and maintaining necessary internal control to ensure that the financial statements are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Government Auditing Standards of the People's Republic of China and International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control, An audit also includes evaluating the appropriateness of accounting policies used and 3 the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is appropriate and sufficient to provide a basis for our audit opinion. Opinion In our opinion, the financial statements identified in the first paragraph present fairly, in all material respects, financial position of the Zhangjiakou - Hohhot Railway Project Financed by the World Bank as of December 31, 2018, its financial receipts and disbursements, the project implementation and the receipts and disbursements of the special account for the year then ended in accordance with Chinese accounting standards and system, and the requirements of the project loan agreement. Other Matter We also examined the withdrawal applications from No.044 to No.047 and the attached documents submitted to the World Bank during the period. In our opinion, those documents comply with the project loan agreement and can serve as basis for loan withdrawal. The audit report consists of the Auditor's Opinion and two more parts hereinafter: Financial Statements and Notes to the Financial Statements, Audit Findings and Recommendations. 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Special Account Statement SPECIAL ACCOUNT STATEMENT *MAI 2018 * 12 A 31 H For the period ended December 31, 2018 7FO ff : 4'X) 2 Kff Depository Bank: China Everbright Bank, Beijing Project Name: Zhangjiakou-Hohhot Railway Xicheng Bmnch Project Financed by the World Bank H'. 75071488000005733 ft -"T: 8131-CN AccountNo.: 75071488000005733 LoanNo. 8131-CN *Vf k AJ G av,412t: q'N#44JL"-1r, Currency: USD Prepared by: China Railway Corporation A 03 : :9 im Part A: Account Activity for the Current Period Amount L mvilta 7,027,479.36 Beginning Balance it bQ; Add: 2. *Mgff R*tg 9,352,088.11 Total Amount Deposited by the World Bank for the Current Period 3. OYA-VJMP%3 ) 3,248.05 Total Interest Earned (Deposit in the Special Account) for the Current Period 4. Total Amount Refunded to Cover Ineligible Expenditure for the Current Period Deduct: 5. *MV-1tAR 10,317,056,15 Total Amount Withdrawn for the Current Period 6, Total Deposit Interest Transferred out ( from the Special Account) for the Current Period 7, *MUTHIMME Total Amount Recovered by the World Bank for the Current Period Total Service Charges if not included in the above Amount Withdrawn for the Current Period 9. M * It, 9, 6,065,759.37 Ending Balance To be continued) 14 Part B: Account Reconciliation for the Special Account Amount 1. fM xVa,0% 10,000,000.00 Amount Advanced by the World Bank Deduct: 2.I± 1 W Total Amount Recovered by the World Bank Outstanding Amount Advanced to the Special Account at the End of the 10,000,000.00 Current Period 4. mikAPMakE I 6,065,759.37 Ending Balance of the Special Account at the End of the Current Period Add: 5. tTBW *M A Amount Claimed but not yet Credited as of the End of the Current Period Application No. Amount Amount to USD 6,. E M A i% M $ E A 3,945,290.17 Amount Withdrawn but not yet Claimed as of the End of the Current Period Cumulative Service Charges( If not Included in Item 5 or 6) Deduct: 8. fljgI& (4AWHJIfg½ ) 11,049.54 Interest Earned (If Included in the Special Account) 9. tf~# ~ * Total Advance to the Special Account accounted for at the End of the Current 10,000,000,00 Period 15 （五）财务报表附注 财务报表附注 1．项目概况 张家口至呼和浩特铁路（以下简称张呼铁路）全长286.80公里，其 中河北省境内75.50公里，内蒙古自治区境内211,30公里。全线共设6座 车站，分别为河北省怀安、内蒙古自治区兴和北、鸟兰察布、卓资东、旗 下营南和呼和浩特东站。设计速度250公里／小时。20 14年4月，全线开 工建设，预计2019年底前完成全线建设。 中国政府与国际复兴开发银行于2012年5月18日签订了贷款协定， 贷款号：8131一CN，由国际复兴开发银行向中国政府提供2亿美元的贷款， 原铁道部委托原铁道部利用外资和引进技术中心将本贷款按照《贷款协 议》和《转贷协议》规定的贷款条件用于建设张呼铁路项目，呼张铁路客 运专线有限责任公司（以下简称呼张客专公司）负责工程建设的具体实施。 项目总投资约为人民币347.16亿元，资金来源为：项目资本金占总 投资的50%，约计人民币173.25亿元，资本金以外的资金利用世界银行 贷款2亿粎元和国内银行贷款解决。 2，主要会计政策 2,l会计制度和财务报表编制范围 本项目财务报表按照《国有建设单位会计制度》和《世界银行贷款项 目会计核算办法》的要求簖制。项目财务报表由中国铁路总公司将呼张客 专公司上报的财务报表及本级项目财务报表汇总后编制。 2.2会计年度 会计核算年度采用公历年制，即公历每年l月1日至12月31日。 2.3记账基础和计价原则 以权责发生制为记账基础，采用借贷记账法，以历史成本为计价原则。 16 2.4记账本位币 以人民币为记账本位币。 2.5外币业务 年度内发生的外币经济业务，按经济业务发生时的市场汇价（中间价） 折合人民币记账。年度终了，货币性项目中的外币余额按期末市场汇价（中 间价）进行调整，由此产生的折合人民币差额，项目初验合格前予以资本 化，记入工程成本，初验合格后予以费用化，计入当期损益。 2018年期末汇率为1粎元＝人民币6.8632元。 2.6转出投资科目核算方法 本科目用于核算非经营性项目为项目配套而建成的、产权不归属本单 位的专用设施的实际成本。 2.7交付佼用资产科目核算方法 本科目核算项目单位已经完成购籮、建造过程，并已交付给生产、使 用单位的各项资产以及用项目资金购建的在建设期间自用的固定资产。 2.8在建工程科目核算方法 本科目包括建安工程投资、待摊投资、设备投资等科目。 建安工程投资用于核算项目单位发生的构成项目建设投资支出的建 筑工程和安装工程的实际成本。 待摊投资核算建设单位发生的构成基本建设实际支出的、按照规定应 当分摊计入交付佼用资产成本的各项费用支出。 设备投资核算项目单位发生的构成项目建设投资支出的各种设备的 实际成本，包括交付安装的需要安装设备、不需要安装设备和为生产准备 的不够固定资产标准的工具、器具的实际成本。 2.9固定资产计价及折旧科目核算方法 2.9.1固定资产核算内容 本科目核算建设单位在建设过程中自用的各种固定资产原价。 l7 2.9.2固定资产计价及折旧方法 固定资产以取得时的实际成本入账，以年限平均法计提折旧。 2.10不需资本化汇兑损益科目核算方法 本科目主要核算用外币借款购籮的资产或服务，在资产初验合格或服 务完成后，该部分外币借款在以后年度产生的不再计入工程成本的汇兑损 益。 3．报表科目说明 3.1项目支出 2018年项目支出人民币845 567 925.88元，累计支出人民币 26 1 67 780 375.00元，（其中交付佼用资产人民币12 497 814 734.27元， 在建工程13 669 965 640.73元），占总投资计划的75.52％。 3.2货币资金 2018年12月31日货币资金余额为人民币135 143 810名6元，其中： 专用账户存款余额为人民币41630519.71元。 3.3预付及应收款项 20 18年12月31日预付及应收款项余额为人民币769 600 238.05元， 主要为预付采购款、预付征地拆迁款、增值税进项税及待抵扣增值税进项 税等。 3.4固定资产 2018年12月31日固定资产余额为人民币14 646.37元，主要为办公 用设备。其中固定资产原值人民币239 235.41元，累计折旧人民币 224 589.04元。 3.5项目资本与资本公积 20 18年12月31日项目资本余额为人民币1 3 1 99 1 80 000,00元，为 投资项目配套资本金到位数。 l8 3.6项目借款 2018年12月31日项目借款余额为人民币7 726 234 346.64元，其中： 国际复兴开发银行贷款额为人民币1 136234346.64元（165554602．犯 粎元），国内银行贷款人民币6590000000.00元。 3.7企业债券资金 2018年12月31日企业债券资金余额为人民币2 255 000 000.00元。 3.8应付款 2018年12月31日应付款余额为人民币3 892 124 723.64元。主要为 应付工程款、物资款扣留质量保证金、应付利息、应付职工薪酬等。 4．专用账户使用情况 4.1开设专用账户名称及账号 本项目在中国光大银行北京襼城支行开立专用账户，账户名称及账号 为：中国铁路总公司75071488000005733。 4.2本年度提款报账概况 20 18年项目提款1 6 625 833.51美元。 4.3专用账户支付情况 专用账户首次存款10 000 000.00美元。本期期初余额7 027 479.36 粎元，本期回补9352088.n粎元，本期利息收入3248.05美元，本期支付 10 317 056．巧粎元，年末余额6 065 759.37美元，截至本期期末已支付但 尚未申请报账金额3945290.17美元。 l9 v. Notes to the Financial Statements Notes to the Financial Statements 1. Project overview The total length of Zhangjikou-Hohhot Railway (hereinafter refers to as Zhanghu Railway) is 286.8km, among which 75.5km are in Hebei Province and 211.3 kin are in Inner Mongolia. Along the entire line, there are 6 stations, namely Huaian Station in Hebei Province, Xinghe North Sation, Wulanchabu Station, Zhuozi East Station Qixiaying South Station and Huhehaote East Station in Inner Mongolia Autonomous Region, The designed speed of the railway is 250kni/h. The construction of the entire line commenced in April 2014, and the entire line is expected to open at the end of 2019. A loan agreement was signed between the Chinese Government and World Bank on May l8th, 2012. The loan number is 813 I-CN and the value of loan reached USD 200 million. Fon-er Ministry of Railways of the People's Republic of China delegate former Foreign Fund and Technology Application Centre to use the loan for the construction of Zhangjiakou-Hohhot Railway Project following the stipulations of the loan agreement and reloan agreement. Huzhang Railway Passenger Dedicated Line Co.,Ltd. (hereinafter refers to as Huzhang Company) is responsible to implement the construction of the project in detail. The investment of the project totaled RMB 34.71 billion approximately. Resource of the funds is described as follows: the project capital reached RMB 17.325 billion, accounting for 50% of the total investment. Funds other than the project capital totaled USD 200 million are to be settled by World Bank's loan and loans obtained from other banks within the country. 2. Major Accounting Principles 2.1 Consolidation Scope of the Financial Statement and Accounting System The project financial statements are consolidated according to the Accounting System for the Stated-owned Construction Units and Accounting Methods for the World Bank Financed Project. The project financial statements were prepared by China Railway Corporation after summarizing the financial statements submitted by Huzhang Company and its own financial statements. 2.2Accounting Year In accounting practice, the Gregorian calendar year is adopted as the fiscal 20 year from January 1 to December 31. 2.3 Accounting Basis and Measurement Principle Making accrual-basis as accounting basis, adopting debit-credit bookkeeping method, making historical cost as measurement principle. 2.4 Functional Currency Making RMB as functional currency. 2.5 Foreign Currency Transaction Foreign currency transaction occurring during this year shall be converted into the amount in the functional currency at the intermediate price of market exchange rate when the business happens. At the end of the year, monetary items shall be modified at the intermediate price of market exchange rate at the end of the year. The balance arising from this reason shall be capitalized into project construction cost before the first acceptance of the project, and recorded into current gains or losses after the first acceptance of the project. The exchange rate adopted in the financial statements was the exchange rate on December 31,2018 of the People's Bank of China, which is USD1= RMB 6.8632 yuan. 2.6 Accounting Method of Transfer Investment Account This subject is used to calculate the actual cost of the special facilities for the project to be completed and the property right does not belong to the unit. 2.7 Accounting Method of Assets Employed Accounting Subject This subject calculates the project unit' s assets, which have completed the process of purchase and construction, and delivered the one who need it. Also it records the self-use fixed-assets which are purchased and constructed using the project fund. 2.8 Accounting Method to the Construction in Progress This item includes Construction and Installation investment, amortized investment, equipment investment, etc. Construction and Installation investment calculates the actual cost produced by the project company for the construction and Installation, which makes up project construction investment disbursement. 21 Amortized investment calculates all the cost produced by the construction unit, which makes up the actual infrastructure cost and shall be added into assets employed cost and general expenses in accordance with the provisions. Equipment Investment calculates the actual cost produced by the project company for all the equipment, which makes up project construction investment disbursement, including actual cost for the equipment which needs installation, the equipment which needs no installation, and tools prepared for the production but not qualified for the fixed assets. 2.9 Accounting Method of Fixed Asset Valuation and Depreciation 2.9.1 Content of Fixed Assets Accounting This subject is mainly accounting for the original prices of the fixed assets used in the construction process by the construction unit. 2.9.2 Fixed Assets Valuation and Depreciation Method The actual costs of fixed assets were recorded, depreciated by life average method. 2.10 The Accounting Method for the Non Capitalised Exchange Gains and Losses This subject is mainly accounting for the assets or services purchased by foreign currency loan.The exchange gains or losses arising from those assets or services were not capitalized after the completion of the assets initial inspection and service provision. 3. Explanations of Subjects 3.1 Project Expenditure The Project expenditures in 2018 was RMB 845 567 925.88 yuan, and the cumulative expenditures was RMB 26 167 780 375.00 yuan (in which the Fixed Assets Transferred was RMB 12 497 814 734.27 yuan, and the Construction in Progress was RMB 13 669 965 640.73 yuan) which accounted for 75.52% of the total investment plan. 3.2 Cash and Bank Monetary capital balance on December 31, 2018 was RMB 135 143 810.86 yuan. And the funds in the Special Account were converted to RMB 41 630 519.71 yuan. 22 3.3 Prepaid and Receivable The balance of advanced payment and account receivable on December 31, 2018 was RMB 769 600 238.05 yuan, which mainly is the advanced payment of procurement, advanced payment of land acquisition and demolition fees, input value-added tax delivered , deductible input value-added tax. 3.4 Fixed Assets Fixed assets balance on December 31, 2018 was RVIB 14 646.37 yuan and is mainly used for the procurement of office equipment. It includes original value of fixed assets RMB 239 235.41 yuan and accumulated depreciation RMB 224 589.04 yuan. 3.5 Project Capital and Capital Surplus The project capital on December 31, 2018 was RMB 13 199 180 000.00 yuan, which is the available counterpart finds of the invested project. 3.6 Project Loan The balance of the project loan on December 31, 2018 was RMB 7 726 234 346.64 yuan, including RMB 1 136 234 346.64 yuan (USD 165 554 602.32) loan from the World Bank and RMB 6 590 000 000.00yuan loan from the banks within the country. 3.7 Bond Fund The balance of bond fund on December 31, 2018 was RMB 2 255 000 000.00 yuan. 3.8 Payable The balance of account payable on December 31, 2018 was RMB 3 892 124 723.64 yuan, which mainly are construction cost payable, payment of goods and withheld quality guarantee of engineering, interest payable, employee benefits payable,etc. 4. Special Account 4.lThe Special Account of this project is opened in China Everbright Bank Beijing Xicheng Branch. The details are as follows: Account Name:CHINA RAILWAY CORPORATION Account No.: 75071488000005733 4.2 Overview of Withdrawals in This Year 23 USD 16 625 833.51 was withdrawn in 2018. 4.3.Payment of Special Account The initial deposit of the Special Account was USD 10 000 000.00. For the current period, the beginning balance was USD 7 027 479.36,the reimbursement was USD 9 352 088.11, the interest earned was USD 3 248.05, total disbursement was USD 10 317 056.15, the ending balance was USD 6 065 759.37.At the end of this period, USD3 945 290.17 has been disbursed but not yet applied for reimbursement. 24