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1、精品 料推荐PSB ACADEMYDMAAuditing and Assurance ServicesCourseworkLecturer: Li, XinTeam member: Jiang, Chuanqin F00039728 Zheng, Wenpo F00039787 Ren, Shishuai F00039746 Ren, Shishuai F00039746 You, Chunhui F00039773 Tang, Xiao F00039750- November 16, 2010-1精品 料推荐 Engagement (1)According to the commission
2、 Kelon Electrical Board of Directors, we Hisense Kelon Electrical Co., Ltd. in accordance with Accounting Standards and the Enterprise Accounting System prepared by December 31, 2009 balance sheet, income statement and cash in 2009 flow statement and the audit of financial statements. Through the im
3、plementation of the audit work, whether the financial statements in accordance with Accounting Standards and the enterprise accounting system be prepared, whether fairly in all material respects, Wuhan Zhongyuan companys financial position, operating results and cash flows of the audit opinion. The
4、Audit Department of the statutory audit of annual financial statements.Under the Accounting Law and Enterprise Financial Statements Regulations, Hisense Kelon Electrical Co., Ltd. and Hisense Kelon Electrical Co., Ltd. Leader has the responsibility to ensure the authenticity and integrityof accounti
5、ng information. To this end, Hisense Kelon Electrical Co., Ltd. has the responsibility to keep the management and delivery of accounting records (including but not limited to accounting documents, books and other accounting data), these records must be true and complete reflection of Hisense Kelon E
6、lectrical Holdings Co., Ltd. financial position, operating results and cash flows. In accordance with Accounting Standards and the enterprise accounting system for preparing financial statements Hisense Kelon Electrical Co., Ltd. managements responsibility, this responsibility includes: (1) design,
7、implementation and maintenance of related financial statements and internal control so that the financial statements do not exist as a result of fraud or error free of material misstatement; (2) selecting and applying appropriate accounting policies and make reasonable accounting estimates.According
8、 to China Securities Regulatory Commission and China Association of the relevant provisions of the Certified Public Accountant in the audit process, our responsibilities are: (1) in the implementation of audit work based on the Hisense Kelon Electrical Holdings Company Limited on the financial state
9、ments audit opinion. Certified Public Accountant in accordancewith auditing standards in China (hereinafter referred to as Auditing Standards) shall be audited. (2) An audit involves performing audit procedures to obtain the amounts and disclosures in the financial statements of the audit evidence.(
10、3) We need a reasonable plan and perform the audit to enable the audit to obtain sufficient appropriate audit evidence, for Hisense Kelon Electrical Co.,Ltd. financial statements are free of material misstatement to obtain reasonable assurance. (4) we have the responsibility specified in the auditre
11、port found Hisense Kelon Electrical Corporation in a material respects, in compliance with corporate accounting standards and enterprise accounting system, the preparation of financial statements and failure to adjust our recommendations on matters. (5) the nature of the testing and auditing of the2
12、精品 料推荐other inherent limitations, and the inherent limitations of internal control, there is inevitably some material misstatement may remain undiscovered in the audit risk. (6) Our audit does not replace, reduce or waive Hisense Kelon Electrical Holdings Co., Ltd. and Hisense Kelon Electrical Co.,
13、Ltd. managements responsibility. Preliminary Assessment (2-3)2.1 Nature of business, customer base, competition and products.Guangdong Kelon Electrical Co., Ltd is currently the largest enterprise groups, one refrigeration appliances, refrigerators with an annual output of 800 million units annual o
14、utput of 400 million units of air conditioners, refrigerators and air conditioners in the domestic markets play an important role, especiallyin the refrigerator market share of first in the country for ten years.2.2 Range and complexity of products and services. Product RangeKelon brand is currently
15、 the largest enterprise groups, one refrigeration appliances, refrigerators and air conditioners in the domestic markets play an important role, especially in the refrigerator market share first in the country for ten years. China Kelon Group is headquartered in Shunde District of Foshan City, Guang
16、dong Province, began production of refrigerators in 1984, is one of the first production of refrigerator. Following the issue of H shares in 1996 and listed in Hong Kong after 1999, Kelon has successfully issued A shares in Shenzhen, in the same year also by the World Economic Forum organization nom
17、inated for the 1999 Best Global Emerging Markets, one of 100; 2001 was Fortune magazine as hundred enterprises of Chinese listed companies.Kelon consistent focus on leading technology, fluorine-free refrigerators in 1996 due to technical access to a handful of countries within the industry and techn
18、ological progress award in 2000, hydrocarbon substances for manufacturing systems re-CFC alternatives within the industry the only country with the type of technological progress awards . 2001, Kelon has been the coreof the ten leading position in domestic refrigerators, of which there are five more
19、 world leader. In 2003, the Global Environment Facility (GEF) organizedthe energy star refrigerator, Competition, Kelon and took first place, was energy star award, marking the Kelon refrigerator energy saving has reached world leading level. March 2002, Kelon refrigerator landmark independent resea
20、rch and development division multi-cycle refrigeration technology and the technology applied to a free multi-temperature refrigerator, the worlds first successful implementation of the refrigerator and freezer independently loop and sharing control system; September 2002, Kelon for design and develo
21、pment of all ten children, cartoon fridge, a listing on the highly regarded. Subsequently, Kelon Greencool refrigerant using energy-efficient air-conditioning, King of double effect and the king of the digital double effect have been published, the digital king of the double-effect heating and cooli
22、ng energy efficiency ratio of 5.3 and 5.4, respectively, reached world3精品 料推荐leading level .In December 2002 an international industrial design competition held in Kingof Block 237AK Kelon refrigerator, king of the second generation of Kelon air-conditioned double-effect with the gold medal, a cross
23、-sectional household appliances so far the only gold medal today, but also be a business with twothe sole representative of Gold Awards. Also, may sound Love Baby Child Development refrigerator was Product Innovation Award Excellence Award. Kelon at the end of 2001 transfer of shares by way of legal
24、 person shares, the successful introduction of high-tech and international background of the Green Cole has become the largest shareholder, Kelon has established the development of profit-center direction, the Pilot for create value for customersas the concept of enterprise development, established
25、the world major appliance manufacturers, the strategic objectives.2.3 Trends and development of the company relative to its industry or market sector2.3.1 The development of the industryChinas white goods production in 2008 was 148.78 million units (units), compared with 5.0% growth in 2007. Among t
26、hem, the production of household washing machines 33,720,000 units (units), an increase of 6.0%; the production of household refrigerators 43,560,000 units (units), an increaseof 12.1%; production was 71.5 million air-conditioning units (units), growth rate of 0.6%.White goods in 2008 also led to gr
27、owth in the size of white upstream compressor production capacity, along with Chinas growing white scale of production, the mainstream brands have white expansion by starting the compressor can plan, professional compressor production to increase overall business is also not far behind, Panasonic, H
28、itachi, Samsung and many other foreign companies line the compressor is also dispute to China. Statistics show that Chinas 2008 production of air-conditioning compressor units to 84.2 million, an increase of 6.3% over 2007; refrigerator compressor production reached 49.7 million units, up 8.3% over
29、2007.2.3.2 The impact of favorable and unfavorable development of the industry factors(1) The favorable factorsA. Industrial policy support: National impact of macroeconomic policies for the industry: the states new energy efficiency standards to be announced, and subsidies for energy-efficient air-
30、conditioning market share will gradually increase, in which energy-efficient air-conditioning sales in developed countries accounted for more than 90% less than 20% and domestic;B. Since the reform and opening up the last century, the development of Chinas national economy has maintained a high grow
31、th rate, which is the early nineties to nine years of rapid development, GDP (gross domestic4精品 料推荐product) growth rate highest reached 13.5%, while during this time was also a significant inflation. In 1998, the role of national macro-control, the national economy to achieve a soft landing. However
32、, from 2000 to 2002, the national economy gradually showing a trend of deflation, however, Chinas GDP growth rate during this period remained at 7% to 8%. The last two years, with the continuous expansion of the scale of investment, the national economy once again showing a continuing trend of rapid
33、 development, the 2003 GDP growthof 9.1%, while the first quarter of 2004 GDP growth over the same period the previous year 9.7% (see Figure 1).C. State to address the financial crisis of the 4 trillion in investment programs to stimulate economic growthBy the financial crisis, since the second half
34、 of 2008 global economic slowdown, decreased external demand, Chinas economic growth has slowedbut still maintained a 2008 growth rate of 9.00% is still the worlds fastest growing economies. Because China is in the urbanization and industrialization process in the countrys new rural construction, th
35、e western development andthe northeast under the macro-economic policy, combined with the State Council promulgated in response to financial crisis, the expansion of domestic demand and promote economic growth, investment plans 4 trillion , Chinas national economy still maintained a good overall dev
36、elopment, infrastructure investment is expected to maintain rapid growth, sustained growth in demandfor electricity grid to form a favorable support.D. national high-speed,healthy and stable development for thewhite goodsindustry providesa good external macro-environment.On the one hand topromote th
37、e development of the white goods industry has a good environment for industrial investment, on the other hand the development of the consumer market to provide a stable foundation.(2) adverse factors5精品 料推荐Continuous price war so that the economic benefits of the industry to continueto run low. Matu
38、re market economy, price wars tend to become strong and effective business integration tools market resources. But Chinas price war isthe main focus of local enterprises, while not making money or losing money, but consider for a variety of non-enterprise, the local government is still trying to let
39、 this business to continue operating so that have lost competitiveness, the should be kept out of business competition, corporate retreat no, not the industrys supply and demand balance for a long time to achieve. Supply exceeds demand in the market environment, companies only through lower prices t
40、o expand market share in this process, the high cost of business will be eliminated to achieve a basic balance between supply and demand for the further development of competitive enterprises create the conditions and the provision of power, and our long-term existence of a large number of inferior
41、enterprises, making the face of market dominant enterprises can do nothing to give priority to capture the market, the result is industry-wide industry-wide cut-throat competition and low efficiency.2.4 Performance of company / products relative to industry peers2.4.1 Market Share ComparisonAir-cond
42、itioning industry is the main product Kelon Corporation, compared with the same industry:According to recent State Council Development Research Center of Market Economy Research Institute, from 2003 to 2005 air conditioner marketMarket researchreport, shows, this years top three all come into the ai
43、rconditioner marketin Guangdong,Midea, Kelonpoints Home second place,third overall.It is understoodthat the surveycovering54 cities,553 distributorsand21,300Urban households.The findingsshow that this year, Gree, Midea,Kelons market share were 13.76 , 12.91%, 11.02%, compared with last year,both by
44、increased market share, three of whichKelon rapidgrowth,a net increaseof morethan 2 percentagepoints,toindustry experts,to promote its three-yearpower 2,000 yuan, the efficientair-conditioning on.Overall, this yearscompetitionin the domestic air conditioner markethasbeen decentralized to centralized
45、, Gree, Midea, Kelon,Haier 10 top-ranking brand market share as high as 85.47%, an increase ofnearly 1 0 percent, and the remaining 14.53% by the more than 200 small andmedium-name brands and segmentation, market competitionCompetitionpresentsthestrongstrongerandtheweakweaker,thepattern.In this year
46、sair war, Gree,Midea, Kelon and other brandsbattle throughtechnology, channel war, priceBattle grid to take the initiative to promote the industry shuffle. Gree adhere to professional refrigeration line this year, the main push of cool air-conditioned king, driven by demand in the market as A touch of bright high-end market; and6精品 料推荐Kelon air-conditioning should be efficient to sell the initiative to give full play to th