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）
pythonget_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
- Valuation reasonable
- All issues documented
Data Source Mode Switch: Set env var
IFIND_DATA_SOURCE_MODEto control data source preference.
ifind-only(strict): Use iFind only, error if unavailableifind-fallback(default): iFind preferred, fallback to AkShareakshare-only: Skip iFind, use AkShare onlywind-only: Wind only, error if unavailablewind-fallback: Wind first, fallback to iFind → AkShare
