80595 Anhui Provincial Audit Office of the People's Republic of China 'ij1 it ~ % • Audit Report $t 'if1 ~~ll£2013]% 24 ANHUI REPORT [2013] N0.24 Project Name: Anhui Shaying River Channel Improvement Project Financed by the World Bank ~ ~ %: 8036-CN Loan No.: 8036-CN • Project Entity: Anhui Provincial Transport Department ~it~.lt: 2012 Accounting Year: 2012 13 * Contents 'if! it Y ifi ;t- ~ ......................................................................................... 1 I. Auditor's Opinion ............................ ........................................................ 3 :::.. ' 9lt ~ fit~ .&. 9lt ~ fri* IS(tj.f. ...................... ........................................... 5 II . Financial Statements and Notes to the Financial Statements ................ 5 (- ) ~ ~J¥-~-* ............................................................................... 5 i. Balance Sheet .................................................................. ............... .... 5 ii. Summary of Sources and Uses of F unds by Project Component.. ... 7 ( .::.) ~~t9J.JtfJLfi'tt~-*: ............................................................... 9 iii. Statement of Implementation of Loan Agreement .......................... 9 ( IZY ) 1t J¥.1 ~ .P fli-* ......................................................................... I 0 iv. Special Account Statement.. ... .................................................... .... 10 ( 1i ) .Jil:t -9}- fri-* 13ft j.f. ......................................................................... 12 v. Notes to the Financial Statements ................................................... 15 .::. ' $ it jj:_ ~ ~ j'p"J ~lkJi i)l .... ............................................................... 18 ' III. Audit Findings and Recommendations ......................................... 19 ~ 1fJ'if! it 1 i1t .W. 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Auditor's Opinion Auditor's Opinion To Anhui Provincial Department of Transport: We have audited the special purpose financial statements (from page 5 to page 17) of Anhui Shaying River Charmel Improvement Project financed by the World Bank, which comprise the Balance Sheet as of December 31, 2012, 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 and Anhui Provincial Finance Department's Responsibility for the Financial Statements 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 is the responsibility of your unit, while the preparation of the Special Account Statement is the responsibility of Anhui Provincial Finance Department, which includes: 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 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 Anhui Shaying River Channel Improvement Project financed by the World Bank as of December 31, 2012, its fmancial 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 application No.1 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. Anhui Provincial Audit Office of the People's Republic of China June 28 ,2013 Address: No.272 Tunxi road, Hefei, Anhui, P.R.China Postcode: 23000 I TeL: 0086-551-64678529 Fax:0086-551-64678529 The English translation is for the convenience of report users; Please take the Chinese audit report as the only official version. IT . Financia l Statements a nd Notes to the Financial Statements ( - ) ·~~~* i. Balance Sheet ** -1fl- ~ * BALANCE SHEET 20 12 &f. 12 }] 31 s (As of December 31, 201 2) ~~~* = ~~~IT~~~~ ~~-&~~~~I~~~ Project Name: Anhui Shaying River Channel Improvement Project financed by the World Bank ~#lif!.1ft: ~-~;(J!:@~ff ~ rp 1(!.1:2:: A. ~ rp ft Prepared by: Anhui Provincial Transport Department C urrency Unit: RMB Yuan *• ff~ JVJ1#Jil fT~ 1011#Jlt fi ii 0 1ft Line Be&inning Jl*lt m i: Lme Bqinnmg Ju:a Application of Fund No. BaJanee Ending BaW!ce Sources of FWld No Balanee Endm& Balance - ,JJif.ltl-~tt ·, :tJilll:l:!ifttt I 4,523,131.53 I05,195,276.81 Total Project Appropriation 28 163,000,000.00 289,900,000.00 Total Project Expenditures Funds I ~{;f{tlft ~1" .=. J'lE!t!i-*~~~lii*0fR Fixed Assels Transferred 2 - - Project Capital and Capital Surplus 29 - - 2. f~fttft~ IU:Iil JtJ!liIH::II i'>., l'iliN &e!E4UI.:-ftit Total Prepatd and Receivable 16 18,676.86 27,782.416.15 Construction Expenditures to 43 - be Offset ~:IVJ JUt Current Period Cumulat ive :.t>:JOJ~Jl£ .iit1CJC(. :4-'Wlitfllii *llll~1=.fl It .KHt~l&ii It 1'91FL~ittJ8 Current Period Current Period Current Cumulative Cumulativ Life of PAD Budget Actual Period % Actual e% Completed Completed 1!!~3U'iil"it 116,900,000.00 147,348,069.87 124.68% 2,126,500,000.00 310,348,069.87 14.52% Total Sources of Funds -' l!liij;~IUil~~l: 20.000.000.00 20,448,069.87 102.24% 680,030,000.00 20,448,069.87 3.01o/o International Financing L !1iij;~H'Hf~t!Hr 20,000,000.00 20,448,069.87 102.24% 680.030,000.00 20,448,069.87 3.01% IBRD ....: , i!G¥!U: 96,900,000.00 126,900,000.00 130.96% 1,446.470,000.00 289,900,000.00 20.04% Counterpart Financing !UiiiiJIHHt <~JJi ~ ~ t n Total Application of funds (by 296,900,000.00 100,672,145.28 33.91 % 2,126,500,000.00 I 05,195,276.81 4.95% Project Comoonent) I. A: M.ill~iffill!:~~ iU· Navigation infrastructure and 224,900,000.00 98,486,550.19 43.79% 1,538,174,351.00 100,319,681.72 6.52% facilities 2. B: J.W.1r~illl1JUi(f.J~~if3 Reconstruction and relocation of 67,000,000.00 522,630.000.00 2,690,000.00 0.51% existing infrastructure and facilities 3. C: kiU litiUtXillll!: Installation of waten\.ay transponatio 5,000,000.00 3,000.00 0.06% 49,830,000.00 3,000.00 0.01% management system 4. D: ii:~l:n: 591,025.22 591,025.22 4,933,422.00 11.98% Teelmical assistance 5.itliW!f:!J.@. 20,194.87 9,360,852.00 20,194.87 0.22% Loan interest 6. %~HR I ,571,375.00 1,571,375.00 1,571,375.00 100.00"/o front-end fees xm 46,675, 924.59 205,152,793.06 Difference !. l!Ztl!cH{.t 27,763,739.29 27,782,416.15 Change in Receivables 2. §~t~~{.t -2,956,895.92 -2,998,393.28 Change in Payables 3. 11tifill!~~{.t Zl ,7~3,967.09 I 79,$95,789,79 Change in Cash and Bank 4. ;Kt:; 105,114.13 472.980.40 Other 7 1jfi l3 1lf Jt SUMMARY OF SOURCES AND USES OF FUNDS * (.: :. ) BY PROJECT COMPONENT II *~~~ 2012 ~ 12 JJ 31 8 (For the period ended December 31, 2012) ~g~# : @•• ft~• ~•~~•m•••~x••§ Project Name: Anhui Shaying River Channel Improvement Project financed by the World Bank ftij~l)'!.1~: ~~~~3tlt~4tJf ~iP.!)'!.'fft: A~iP:7t Preoared bv: Anhui ~ ---·- ··- Provincial - - -- Transoort D - -- - CurrencvU · --- --- - - - ·· --- - ----· - -· - l9i~:X:t11 Project Expenditure l9i lil~~ e.~ ft!l'if' ~ft(ti'J~ El :X:tll ~it :X:I±! \ttllN!ri Pr~ject Component Assets Transferred 1Ilti l¥ Construction Cumulative Investments ~l:E!l'if' Vlii;IJ!rif' xmli'tf' .ial~!rif" Work in Progress Expenditures to Amount Transferred-out Fixed Asset Current Asset Intangible Asset Deferred Asset be Disposed I, IDtitH~r.lli&.t§~'ift4il- 100,319,68 1.72 I 00,319,681.72 Navigation infrastructure and facil ities 2. ~tii!H:Ili&~I'I!Ji&~~if~ Reconstruction and. relocation of existing infrastrucl\lrc 2,690,000.00 2,690,000.00 and faci li ties I 3, .IDtlit~Jll!~tJt~lHi Installation of waterway transportation management 3,000.00 3,000.00 system I 4. llll~i!i!/llVI1tiflltftilil 591,025.22 591,025.22 Partial technical studies and training 5. it'iltlV:I~L! 20,194.87 20,194.87 Loan interest 6 . ~~iE~ 1,571,375.00 1,571,375.00 Front-end fees ~it 105,195,276.81 105,195,276.81 Totnl ---- 8 ( .=. > ~ 19:. tiJ. ~~tA-T 1t ?n,;£ iii. Statement of Implementation of Loan Agreement }t ~ 1t 'I t ?JL STATEMENT OF IMPLEMENTATION OF LOAN AGREEMENT 1-* ~ tiJ. * *.M~ ~ 2012 &f. 12}] 31 El (For the period ended December 3 I, 20 12 ) ~~~~: ~$·n~n~~M~$ &M~·~I~~ ~ Project Name: Anhui Shaying River Channel Improvement Project financed by the World Bank ii:Jl~1ft: ~·41~~:1!-Jf ~rti lP-19:: ~fr/A ~ 1fi it Preoared bv: Anhui Provincial Transoort - D - - ~ Currency Unit: US ttoi!~lt:~li *{f-lf~lt;~ llittUI:«!l ~ }~j Loan Amount Current-period WJthdmwals Cumulauve Withdrawals Category ;:!~USD ~;7tUSD 4ff-ftA~i!iRMB *~USD -lffft'A~i!iRMB - , Mil~r.l!iltJii.!;jilt4(A} Nav1gation infrastructure and facilities 66,230,000.00 I, ±I!Ift Civil works 62,240.000.00 2, ilt4.fllVt1!8 EqUtpment&goods 3,990,000.00 =· ll.lJ~Illl'&Jiilli.J~il.fO.If8 ffll~ > 165.53 Total Interest Earned thiS Period if Deposited in Special Account *!Ol'f--fl;~~ ltfJif.SSI! Total Amount Refunded th1s Penod to Cover Ineligible Expend1tures ~~. Deduct: *Jtij~{1~S! 2,556,1 29.34 Total Amount Withdmwn this Period *M *=-e?JU£3tHf.lli •l•ti!Jil!l~r.t:;: li: 0 Total Service Charge$ this Penod if not Included in Above Amount Withdrawn M *-~lii 444,026.19 Ending &lllnce C!fi ~To be continued) B !ill?t: {;·f.H!lt:.Plllll'W ~ 'filii Part B-Account Reconciliation Amount I. t!tff'tt~rili:.~Ui 3.000.000.00 Amount Advanced by World Bank ~~ : . Deduct: 2. t!!:!Hfifi'@Jil!t~fj . Total Amount Recovered by World Bank 3. -*AAM.il 10.00 Cumulative Service Charges (If not Included in Item 5 or 6} --~: Deduct: 8. ~J.e.i&A <#A.'!Nfil\f'at!* > 165.53 Interest Earned (lflncluded in Special Account) 9. *AAM*~Jfi~.Ptr~i+~N>f!l 3.000.000.00 Total Advance to the Special Account Accounted for at the End ofthis Period II l.lji ~ ~ ~ -t!tfi~;fk ];J,' ~~~~1ik f~Jit1~U~ ll .I;fl ~ff>t% J.J 8036-CN, ~Jffi § .3:. ~~ ~ ~--~ -~-~ ~~ ~* ft ~ ~ ~-~$~~ L *~*~P~ faJ* 2os.6&JtJIDtlft , ~ 1~}ii~~1Yt-trf ~ - ~~~~ , wr.9tlttl~ , n~t~ g , -~~ ·~* ~ ~&•# • ~ M~~ , ~~- ~~•a••• ••• ~ oo * IV t llit• # >f:L 2011 1f- 6 JJ 3 S , -ill: ~il1r .!§ ~ 00 JE.kR1 ~iT~ ;fj:_ tdJ-;t *':r:ml3 tdJ-iX., 20ll if. 8 JJ 26 S 1. ~o !.Yi it {-f.fJ ~ ?~*~SJ.J 20161¥- 12 JJ 31 s ., Jffi l3 it ~~J,~,ft ~ .Ja A ~ ffi 2,126,soo,ooo.oo Jt , ~t:p -t!t ~~ /.- 1~ ";b ~ ~ :3;: - 1'T :A.,~- 'flY{ 100,000,000.00 .!n ff 7c JL; ., 2.}!t 4}4fl*~4K ;B 00 -*1M~**~ ~ *'JtB 00 j.J 2012 .1t- ~-. ~ ~· &JYtlt jfi ll:rfli §Jilt ~{It * & ~fi~ Ji!:f~JT {- JfJY*? tl;;!., 3..i. t:~it jfkJit .k$ « i!t ~•.rr ~ff"k ~ 13 1? it~ 1f .ifJ- )f » 3.1 * ~ 13 Ji!:f~ ~*m~Jil:f jf ( .Ylt j3;f * (2000) 13 % ) f0 ~ >Jt ~ $t 3.3 -*rffi l3 ~ it~ Jf ~V- "~ tt K 1:_ ~J "1t J.J 1EY*:.J Y!tl , *f.fJ 1{T ~ ~ t. 1E~)f 1EYlt( , ~A~$j.J 1E~ -*~ $ o 6.2855 Jt o 4.• *# 13 i)f.l1}3 4.1 Jji 13 ~ ili 20121f- Jji 13 :t ill A~ ffJ 100,672,145.28 JG , J. it :t lli A ~ ffJ 105,195,276.81 jt ' ti ,~.. ~~ it ~tj ~ 5.44%0 4.2 ~rp ~ ~ 2012 .if 12 }J 31 E ~ifl* ~~.iJi~A~ ffJ 179,895,789.79 jt, ltJ:.if- ~ ;/JPA ~ rp 2 1,763,967.09 jt ' 1t t:p {- JfJ .It? {f~jjf~ A~ rp 2,790,926.62 JGo 4.3 1Ji 1t:&W.. t&~ 2012 .if 12 }J 3 1 E Jt#i ~A ~ ffJ 27,782,416.1 5 .7t, .i.~ ~ ij 1t ~ :»W. .I.~ Iii] HD04, HDOS, HD06. HD07 ~~l_f~lii] J3 #&iJJ ~ Jji{tfit o 4.4 Jji 13 ~~ 2012 ~ 12 }J 3 1 E~$l~A~if5 289,900,000.00 jt , ;jt.J:f!:f~*~ 239,900,000.00 jt; ~'~1f~ 50,000,000.00 it o Jji 13 it~~ tc,**~'~. $!A ~ iP 1,446,47o,ooo.oo it , ~ ~ 2012 if 12 JJ 31 B ~U1i Nr.*- A. ~ if5 289,90o,ooo.oo it, 5 it~~ tfJ 20.04%, ~ ~: !:f :k:it:MDr.* 1,063,25o,ooo.oo Jt , ~ it J~J1i 239,90o,ooo.oo Jt , 5 it ~rJ tfJ 22.56%; 41~it~rJ rgc,* ~~~~, .iJ!A~ if5 383,22o,ooo.oo Jt , J. it~tl 1iA.~ rp 50,000,000.00 ft ) Git~lj if-J 13.05% o 4.5 Jji § 1=1}~ 2012 .1f- 12 JJ 31 EJ ~#i ~A~ Tf5 20,448,069.87 it , ~ !:f: 00 ~~:1t 7f~1l rr 1}~$t~ 3,253,21 2.93 ~7t, tk~A.~if5 20,448,069.87 :7G,-g-t i!trr;JP~tJ~;\:A.iE~ 25o,ooo.oo !kJt~it"'-**~~i~~~tl .~- 3,212.93 ~ ~0 ~~ 2012 ~ 12 JJ 31 13' !{ it~*"t!t~i.Rfi~~~ * 3,253,212.93 ¥: - 1- -B. *h ~ . 1-J,., ;:;'t~ ' P JR ffAI\!.'~ P":} 3.25%o 4.6 $_ {t#~ 2012 ~ 12 JJ 31 a , ~iY! 7a A~ ffi 2,998,393.28 k , .i. ~~ m 1 t I..ti *~ it:i1* fn **iYi 2,497,301.10 jt ' .fjt~ 445,544.56 j[; ' 1;1.,& {- .ffl Y*? {1:1 4f ~Jl!Jf ~~ *9J-!k:l[;Ji!K? trg~ .~' 249.74 !kJt( 4f~Jft.)f#i .~- 155.53 !kJt , 41 Jf~~~ 91- !t .~, 94.21 ~Jt ), ~~A~ FfJ 1,569.74 .7t o 5. -t }fj ~ ? ~}fj it ~ *~~-t.ffllilK ? ~~~••ft ~ e~M• ~ fi , • %7a 5519022514328 12, iP#.J.l!k JGo *~l.t lfJ -ii-t.rn~ ? iJi~ 3,000,000.00 ~ j[;, ~~~ t&Jtl ~~ JJ 2,999,990.00 ~Jt , *~lt~{t 2,556,129.34 !k:l[;, ~*~$i 444,026.19 ~ JGo lA V. Notes to the Financial Statement Notes to the Financial Statement 1. Project overview The Loan No. of Anhui Shaying River Channel Improvement Project by the World Bank is 8036-CN. The project will upgrade the channel of 205.6km long between Changshenggou on Henan-Anhui border and Mohekou at the confluence of the Shaying River with Huai River, carry out reconstruction of the bridges with insufficient clearance along the alignment and pipelines across the river, construction of anchorage areas and service areas, layout of communications and monitoring systems as well as navigation aids, aiming at raising the channel classes to the national standard class IV. The Loan Agreement and Project Agreement have been signed by the World Bank and Chinese Government on June 3, 2011, which came to force on August 26, 2011. The closing date for the special account is expected on December 31, 2016. The proposed overall investment is RMB 2,126,500,000.00 yuan, of which USD 100,000,000.00 from the World Bank's Loan. 2. Consolidation Scope of the Financial Statements Consolidation scope of the financial statements is Financial Statement of Anhui Shaying River Channel Improvement Project and Special account statement of Anhui Pronincial Finance Department for the Year 2012. 3. Accounting Policies 3.1 The Financial Statements of the project were prepared according to the requirements of Accounting Methods for the World Bank Financed Project (Caijizi[2000]No.J3) . 3.2 In accounting practice, the Gregorian calendar year is adopted as the fiscal year from January 1 to December 31. 3.3 The accrual basis and the debit/credit double entry bookkeeping method are adopted. RMB is used as the recording currency of bookkeeping. 3.4 The exchange rate adopted in the financial statements was the exchange "' rate on December 3 1, 2012 of the People's Bank of China, which is USDl= RMB6.2855 yuan. 4. Expla nation of Subjects 4.1. Total Project expenditures The project expenditure in 201 2 was RMB 100,672,145.28 yuan, and the cumulative expenditures were RMB 105,195,276.81 yuan, which accounted for 5.44% of the total investment plan. 4.2. Cash and Bank On December 31, 20 12, the balance was RMB 179,895,789.79 yuan with a increase ofRMB 21,763,967.09 yuan compared with that of the last year. And the funds in the Special Account were converted to RMB 2, 790,926.62 yuan. 4.3. Prepaid and Rece.ivable Its balance on December 31, 201 2 was RMB 27,782,416.15 yuan, which have been mainly used for mobilization advances to Contracts No.HD04, liDOS, HD06&HD07 and Supervision Contract J3. 4.4. Project Appropriation Funds The balance on December 31, 201 2 was RMB 289,900,000.00 yuan, which was divided into RMB 239,900,000.00 yuan of Central Government Subsidies and RMB 50,000,000.00 yuan of Provincial-level fund. The total planned counterpart funds of this project were RMB 1,446,470,000.00 yuan. By the end of201 2, RMB 289,900,000.00 yuan of the counterpart funds had been allocated, which accounted for 20.04o/o of the plan. The total planned counterpart funds for the central level were RMB 1,063,250,000.00 yuan and the actual cumulative allocated funds were RMB 239,900,000.00 yuan, 22.56% of the plan; The total planned counterpart funds for the province level were RMB 383,220,000.00 yuan and the actual cumulative allocated funds were RMB 50,000,000.00 yuan, 13.05% of the plan. 4.5. Project loans The balance on December 31, 2012 was RMB 20,448,069.87 yuan. The amount financed by IBRD was USD 3,253,212.93, equivalent to R1vfB 20,448,069.87 yuan, including USD 250,000.00 of front-end fee deducted by the World Bank and USD 3,212.93 of interests in construction period calculated into the capital. By the end of December 31, 2012, accumulated USD 3,253,212.93 of the World Bank loan had been withdrawn, accounted for 3.25% of the total. 4.6. Payable The balance on Decembere, 31, 20 12 was RMB 2,998,393.28 yuan, which were composed by RMB 2,497,301.10 yuan of retention money for payable construction fund, R1v1B 445,544.56 yuan of taxes, as well as interest settlement of USD 249.74 (converted into RMB 1569.74 Yuan) split into two parts of special account setup by Anhui Provincial Finance Department (USD 155.53) and USD foreign account in Project Management Office of Anhui Provincial Department of Transport (USD 94.21). 5. Special Account The special account of the Project is set in Sipailou Branch in Hefei, China Merchants Bank, with the account number of55 l 90225 1432812, and USD as currency Unit. The application of amount for the special account was USD 3,000,000.00 in this year, which have received USD 2,999,990.00 actually and paid USD 2,556,129.34, remaining USD 444,026.19 at the end of this year. 17