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1 Public Disclosure Authorized Henan Provincial Audit Office of the People's Republic of China 30 JU 2018 Public Disclosure Authorized Public Disclosure Authorized Audit Report $W1T*. C2018) 71 # HEA AUDIT REPORT C2018) O. 71 Project ame: Zhengzhou Urban Rail Project Financed by the World Bank P A : 8457-C Loan o.: 8457-C Public Disclosure Authorized Project Entity: Zhengzhou Rail Transit Co., Ltd. Ait* : 2017 Accounting Year: 2017

2 Contents 9 R # E E... 1 I. A uditor's O pinion Financial Statements and otes to the Financial Statements...5 i B Sh et... 5 i. B alance Sheet...5 ii. Summary of Sources and Uses of Funds by Project Component...7 iii. Statement of Implementation of Loan Agreement ( vw ) i l W P A & iv. Special Account Statement... ( -3E ) A R v. otes to the Financial Statements ff.audit Findings and Recommendations...22

3 一审计师意见审计师意见郑州市轨道交通有限公司 : 我们审计了世界银行贷款郑州市轨道交通 3 号线一期工程项目 2017 年 12 月 31 日的资金平衡表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 18 页 )o ( 一 ) 项目执行单位对财务报表的责任簖制上述财务报表中的资金平衡表项目进度表及贷款协定执行情况表是你公司的责任, 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作出会计估计的合理性, 以及评价财务报表的蓉体列报我们相信, 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

4 ( 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郑州市轨道交通 3 号线一期工程项目 2017 年 12 月 31 日的财务状况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和审计发现的问题及建议中华人 8 厅地址 : 中国河南省郑州市纬二路 27 号邮政簖码 : 电话 :86 一 371 一传真 :86 一 371 一

5 1. Auditor's Opinion Auditor's Opinion To Zhengzhou Rail Transit Co., LTD, We have audited the special purpose Financial Statements (from page 5 to page 18) of Zhengzhou Rail Transit Line 3 Project (Phase 1) Financed by the World Bank, which comprise the Balance Sheet as of December 31, 2017, 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 otes to the Financial Statements. Project Entity's Responsibility for the Financial Statements Your entity is responsible for the preparation of the Balance Sheet, the Summary of Sources and Uses of Funds by Project Component and the Statement of Implementation of Loan Agreement, 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 obtam 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 malcing those risk assessments, the auditor considers internal control relevant to the entities' 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 3

6 opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and 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 Zhengzhou Rail Transit Line 3 Project (Phase I) financed by the World Bank as of December 31, 2017, 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. The audit report consists of the Auditor's Opinion and two more parts hereinafter: Financial Statements and otes to the Financial Statements, Audit Findings and Recommendations. Henan Provincial Audit Office of the People's Republic of China June 29, 2018 Address: o.27 Weier Road, Zhengzhou City, Henan Province, P.R. China Postcode: Tel.: Fax: The English translation is for the convenience of report users; please take the Chinese audit report as the only official version. 4

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13 ( R9 ) *)v * P I;OE iv. Special Account Statement * M * P # A SPECIALACCOUT STATEMET *-M;k * H (For the period ended December 31, 2017) * J%* - C A- 3-9 & - M -T 9 * 0 Project ame: Zhengzhou Urban Rail Project Financed by the World Bank 8457-C Loan o. :8457-C Prepared by: The Finance DopmInientofflenan Province Depository Bank: Zhengzhou Branch,PIGA Bank W-O : Accounto. : *fr,*4: At C=ency: USD A qkj,*a Part A-Account Activity for the Current Period lf) v Add: Amount Beginning balance (month/day/year) 20,000, Total amount deposited by IBRD 31,202, Total interest earned this period if deposited in Spiciaol Account 6, Total amount refunded to cover ineligible expenditures Deduct: Total amount withdrawn 39,646, Total service charges if not included in above amount withdrawn M * 4-1- #1 Ending balance (month/day/year) 11,561,212,79 B )-: -ta*p AV Part B-Account Reconciliation 1. * J" 19 ik ff -W A 11 1# it V Amount advanced by IBRD 20,000, Deduct: (WA to be confinedd)

14 - Total amount recovered by IBRD 20,000, Outstanding amount advanced to the Special Account at month/day/year 11,561, Ending balance of Special Account at month/day/year 11,561, *,# Add: 5. T 4#8,444, Amount Claimed but not yet Credited at the End of this Period Application o. Amount Amount withdrawin but not yet claimed 7.# K -VME t fi(i */t6-5,f 6 #t) Cumulative service charges (if not included in item 5, or 6.) S Deduct: 8J. RA (4 14,-V wp 0 0) Interest earned (if included in Special Account) 6, AMM*#A*XftPt Total Advance to the Special Account Accounted for at the End 20,000,000 of this Period 12

15 C USD 13

16 , ,775,732, ,170,0 5,029,249, ,956, ,016,000, ,007,500, ,500, , ,1 86, ,565, ,376, ,493, ,450, ,561, ,543, l4

17 , l,354, , ,000,000, ,498,

18 V. otes to the Financial Statements 1. Project Overview otes to the Financial Statements The loan o. of the Zhengzhou Urban Rail Transit Project is 8457-C. The construction of Zhengzhou. Urban Rail Transit aims to effectively improve the condition of Zhengzhou"s inftastracture and enhance the leading role of Zhengzhou. It is of great importance to fundamentally relieve the urban traffic pressure, further improve the condition of the old town, decentralize population and promote the prosperity and development of the new town. The first phase of the Zhengzhou Urban Rail Transit Line 3 is from Xinliu Road Station to Hanghai East Road Station (included). The line is about 25.2 kilometers long and has 21 stations. The project agreement was signed on Feb. 13, 2015, came into effect on May 13, 2015 and is expected to be closed by June 30, The planned total investment of the project was billion yuan, of which there was a World Bank loan of 250 million dollars. The loan will be used for the construction of tender sections of civil works of the first phase of the 3rd line. The investment was expected to be 1.89 billion ylian. 2. The preparation scope of the financial statements The financial statements cover the accounting of capital raising and construction investment of the first phase of line 3 prepared by Zhengzhou Urban Rail Transit Co., Ltd.. 3. Main Accounting Policies 3.1 The financial statements of this project were prepared according to the requirements of "'Accounting Methods for World Bank Loan Projects" (Caij izi [2000]o. 13) issued by the Ministry of Finance. 3.2 In accounting practice, the Gregorian calendar year is adopted as the fiscal year from January I to December The accrual basis and the debit/credit double entry bookkeeping method are adopted. RMB is used as the recording currency of bookkeeping. 16

19 3.4 The exchange rate of People's Bank of China on December 31,2017 is adopted, that is USD1 = yuan. 4. Explanation of Subjects 4.1 Total Project expenditures The project expenditure in 2017 was RMB 2,775,732, yuan, accounting for % of the annual investment plan, and the cumulative expenditures were RMB 5,029,249, yuan, accounting for 24.40% of the total investment. 4.2 Prepaid and receivable Its balance on December 31, 2017 was RMB 921,986, yuan, mainly the advance prepayment of civil works. 4.3 Project Appropriation Funds The balance on December 31, 2017 was RMB 2,016,000, yuan, which were the counterpart funds allocated by Zhengzhou Municipal Government. 4.4 Project Loan The balance on December 31, 2017 was RMB 4,007,500, yuan, which was the bank loan for the first phase of Line 3,including the balance of World Bank loan RMB 347,500, yuan. 4.5 Payables The balance on December 31, 2017 was RMB 490,186, yuan, mainly the payable project payments and demolition payments for the first-phase of Line 3. Of which, the payable project payments were 422,565, yuan, the demolition payments were 44,376, yuan, the payable interest for the World Bank was 3,493, yuan, and the rest were supervision payments and design payments. 4.6 Cash and Bank On December 31, 2017, the balance was RMB 562,450, yuan, of which the balance of the World Bank Special Account of Henan Provincial Department of Finance was USD 11,561, (equivalent to RMB 75,543, yuan by the exchange rate on December 31, 2017). 4.7 The amount of withdrawals in this period. The preemption fee of withdrawals in this period in the loan agreement implementation table is 625, USD, which was due in 2015 and was added to the account for this year. 17

20 The amount of withdrawals for commitments in this period was US$1,354,710.08, of which US$780, was due in 2015 and 2016 and was added to the account for this year. 4.8 Others The initial amount of the project allocation in the annual statements is 1,000,000,000 yuan. After verification, this amount is the capital of Phase I project of Line 3 invested by the government. It is included in the project capital and the project capital reserve, so the ending amount of the project allocation in the annual statements is zero. The amount of 223,498, yuan of other project funds was occupied by Phase 1 of Line 3 in 2016, which was included in the project borrowings while should have been included in the accounts payable. This was adjusted in the annual statements of this year. Due to the change of foreign exchange rate, there are discrepancies between the difference of the beginning and ending balance of the WB loan in the Balance Sheet, the current year's loan received in the Summary of Sources and Uses of Funds by Project Component and the amount of current year's withdrawals (disclosed in RMB) in the Statement of Implementation of Loan Agreement. 18

审计署国外贷援款项目审计服务中心

审计署国外贷援款项目审计服务中心审计署国外贷援款项目审计服务中心 Audit Service Center of China National Audit Office for Foreign Loan and Assistance Projects 审计报告 Audit Report 审外中报 2015 28 号 AUDIT REPORT 2015 NO. 28 项目名称 : Project