/china-audit-xls

name: china-audit-xls
description: Audit financial models and Excel workbooks for A-share analysis. Adapts the original audit-xls skill for Chinese financial modeling standards, CAS conventions, and A-share-specific checks. Triggers on "A股模型审计", "财务模型核查", "audit model China", "audit xlsx", "模型QC", or "check model [company]".

china-audit-xls

Purpose

Audit **A股财务模型** — comprehensive quality checks for Chinese equity financial models.

Data Sources

Tier 0 — 万得 Wind（最全面付费数据）

• 覆盖：A股/港美股/基金/指数/债券/宏观/研报/分析（44个工具）
• MCP 服务：`wind-mcp`（需 `WIND_API_KEY` 密钥，以 `ak_` 开头）
• 优势：全市场覆盖面最广、数据最全面、包含研报和量化分析
• 密钥申请：https://aifinmarket.wind.com.cn/#/home

Tier 1 — 同花顺 iFind（付费精确数据）/ AkShare MCP（Tier-2 免费备选）

get_financials(ticker, "income")     → Actuals for cross-check
get_financials(ticker, "balance")    → BS for cross-check
get_financials(ticker, "cashflow")   → CF for cross-check
get_quote(ticker)                    → Market data

Secondary Sources

• 巨潮 — source financials
• 审计报告 — reference data

Workflow

Step 1: Structural Audit

**Model structure checklist:**

| Area | Check | Pass Criteria | |------|-------|--------------| | Cover page | Company, date, version | Present and accurate | | Assumptions | All key inputs centralized | No hardcoded values in calc | | Historicals | All periods populated | 3-5 years | | Forecast | Explicit forecast period | 3-5 years | | Valuation | DCF, comps, football field | All methods present | | Checks | Sum, balance, cross-ref | All checks green | | Documentation | Methodology notes | Clear and complete |

Step 2: Formula Audit

**Formula checks:**

| Check | Description | Pass Criteria | |-------|-------------|--------------| | No hardcodes | All inputs in assumptions | ✓ | | Consistent formulas | Same formula across periods | ✓ | | No circularity (unless intended) | Circular refs flagged | ✓ | | Error handling | IFERROR used where needed | ✓ | | Named ranges | Key cells named | ✓ | | Sheet references | Cross-sheet refs work | ✓ | | Broken links | No external links or all work | ✓ |

**Common hardcodes to find:**

• Growth rates embedded in formulas
• Multiples typed into cells
• Shares outstanding hardcoded
• Tax rates not in assumptions

Step 3: Historicals Cross-Check

**Cross-check against source data:**

| Line Item | Model | iFind / AkShare / 巨潮 | Difference | Explanation | |-----------|-------|----------------|------------|-------------| | 营业收入 | | | | | | 营业成本 | | | | | | 归母净利润 | | | | | | 总资产 | | | | | | 净资产 | | | | | | 经营现金流 | | | | |

**Cross-check tolerance:**

• Revenue, profit: ±2%
• Balance sheet: ±1%
• Cash flow: ±3% (timing differences)

Step 4: CAS Compliance Check

**CAS-specific checks:**

| Check | Description | |-------|-------------| | Revenue net of VAT | 营业收入 not gross | | R&D expensed | Not capitalized (unless criteria met) | | Tax calculation | 25% / 15% rate applied correctly | | Minority interest | Separated from parent equity | | Government grants | Correct classification | | 合同负债 | Recognized appropriately | | 信用减值损失 | CAS 22 model applied |

Step 5: Balance Sheet Integrity

**BS checks:**

| Check | Formula | Pass | |-------|---------|------| | BS balances | Assets = L + E | ✓ | | Cash flow ties | Ending cash = Beginning + Net CF | ✓ | | Debt schedule | Short + Long = Total debt | ✓ | | Share count | Shares × Price = Market cap | ✓ | | Minority interest | Correct % applied | ✓ |

Step 6: Forecast Logic Check

**Forecast quality:**

| Check | Description | Pass | |-------|-------------|------| | Growth reasonable | Within industry range | ✓ | | Margins stable | No unexplained jumps | ✓ | | Working capital | Trends with revenue | ✓ | | CapEx | Consistent with depreciation | ✓ | | Debt service | Can be serviced from FCF | ✓ | | Dividend | Consistent with policy | ✓ |

**Growth rate benchmarks:**

| Metric | Conservative | Base | Optimistic | |--------|-------------|------|-----------| | Revenue growth | 5-10% | 10-20% | 20-30% | | Margin expansion | 0 ppts | 0-2 ppts | 2-5 ppts | | Tax rate | 25% | 25% | 15% (if 高新) |

Step 7: Valuation Check

**Valuation audit:**

| Method | Check | Pass | |--------|-------|------| | DCF | WACC reasonable (6-10%) | ✓ | | DCF | Terminal growth < GDP growth | ✓ | | DCF | FCF positive in base case | ✓ | | Comps | Peer group appropriate | ✓ | | Comps | Multiples reasonable | ✓ | | Football field | Min/median/max consistent | ✓ |

**WACC components (China):**

| Component | Typical Range | |-----------|--------------| | Risk-free rate (CGB 10Y) | 2.0-3.0% | | Equity risk premium | 6-8% | | Cost of debt | 3-6% | | Tax rate | 25% (15% for 高新) |

Step 8: Sensitivity & Scenario Check

**Sensitivity audit:**

| Check | Description | |-------|-------------| | Sensitivity tables | Key variables tested | | Scenarios | Base / Bull / Bear | | Tornado chart | Key drivers identified | | Monte Carlo (if used) | Assumptions reasonable |

Step 9: Common A-share Model Errors

**Error checklist:**

| Error | Detection | Fix | |-------|-----------|-----| | 收入用含税 | VAT not removed | Divide by 1.13 | | 税率错误 | Wrong rate applied | Verify 高新 status | | 单位错误 | 千元 vs 万元 | Standardize | | 季度加总错误 | Q+Q ≠ Annual | Check sum | | 增长率计算 | Wrong base period | Verify formula | | 少数股东损益 | Missing | Add if applicable | | 折旧年限 | Wrong | Check FA notes |

Step 10: Audit Report

**Standard audit output:**

【模型审计报告】[Company] [Date]

一、结构检查
   [Structure assessment]

二、公式检查
   [Formula audit results]

三、历史数据核对
   [Cross-check results]

四、CAS合规检查
   [CAS compliance]

五、预测逻辑检查
   [Forecast quality]

六、估值检查
   [Valuation audit]

七、发现的问题
   [List of issues with severity]

八、建议修复
   [Recommended fixes]

总体评价: [Pass / Pass with conditions / Fail]

Quality Checks

Before completing:

• [ ] All structural checks passed
• [ ] No hardcodes found
• [ ] Historicals cross-checked
• [ ] CAS compliant
• [ ] BS/CF integrity verified
• [ ] Forecast logic sound
• [ ] Val