证券研究报告 公用事业|电力 公司点评 2024年04月25日 桂冠电力 (600236.SH) 买入 ——分红比例大超预期 水电资产配置彰显价值 （维持） 投资要点： 证券分析师 ➢ 事件：公司发布2023年年报与2024年一季报，2023年全年实现归母净利润12.26亿元， 刘晓宁 S1350523120003 同比下降61.8%，2024年一季度实现归母净利润4.4亿元，同比增长46.0%。2023年度拟 liuxiaoning@huayuanstock.com 分红0.12元/股，分红比例77.16%，加上已经实施的中期分红，全年总分红比例达到128.59% 研究支持 ➢ 来水持续偏枯，导致业绩下滑，2024年一季度业绩增长或来自火电改善与新能源增长。受拉 尼娜现象影响，红水河流域 2023 年以来降雨持续偏少，公司 2023 年水电发电量同比减少 41.50%，2024年一季度继续偏枯，水电发电量同比减少7.38%。但是公司2024年一季度业 联系人 刘晓宁 绩逆势增长 46%，我们分析主要系一季度水电发电量本身基数较低，整体业绩受火电和新能 S1350523120003 源的影响较大。公司2024 ...

Financial Performance - Net profit attributable to shareholders in 2023 was RMB 1,225,950,064.27[4] - Revenue in 2023 decreased by 23.85% to RMB 8,091,005,363 compared to 2022[17] - Net profit attributable to shareholders of the listed company dropped by 61.80% to RMB 1,225,950,064 in 2023[17] - Operating cash flow decreased by 38.16% to RMB 4,079,048,834 in 2023[17] - Basic earnings per share (EPS) fell by 63.48% to RMB 0.1448 in 2023[19] - Weighted average return on equity (ROE) decreased by 12.71 percentage points to 6.93% in 2023[19] - Total assets increased by 4.50% to RMB 47,279,846,262.92 in 2023[18] - Revenue in Q4 2023 was RMB 1,994,038,841.08, showing a slight decline compared to previous quarters[22] - The company reported a significant loss in operating cash flow in Q4 2023, amounting to RMB -1,900,033,623.62[22] - The company's net assets attributable to shareholders decreased by 3.16% to RMB 18,305,870,441.57 in 2023[18] - The company achieved a total profit of 1,579.83 million yuan in 2023, a decrease of 2,625.54 million yuan compared to the previous year[41] - In 2023, the company's operating income was 8,091.01 million yuan, a decrease of 23.85% year-on-year, primarily due to reduced power generation[42] - Operating costs in 2023 increased by 7.28% to 5,657.29 million yuan, driven by higher fuel costs, new unit depreciation, and increased safety fees[42] - The company's hydropower sector generated a profit of 1,316.18 million yuan, a decrease of 2,811.46 million yuan compared to the previous year[41] - Wind power profit increased by 42.48 million yuan to 313.53 million yuan, while photovoltaic profit rose by 39.71 million yuan to 86.43 million yuan[41] - The company's electricity production decreased by 31.37% to 28.507 billion kWh, with sales dropping by 32.06% to 27.741 billion kWh[48] - Hydropower revenue decreased by 40.85% to 4,770.26 million yuan, with a corresponding 6.46% decrease in costs[46] - The company's financial expenses decreased by 20.22% to 569.54 million yuan due to optimized debt structure and preferential loans[42] - The company's operating cash flow decreased by 38.16% to 4,079.05 million yuan, mainly due to reduced operating income[42] - The company's net cash flow from financing activities decreased by 91.62% to -322.91 million yuan, primarily due to reduced debt repayment[42] - Fuel costs for the power sector increased by 34.83% to 1,706,515,869.41 yuan, accounting for 30.16% of total costs, driven by higher thermal power generation[50] - Water and water resource fees decreased by 30.06% to 423,223,927.24 yuan, accounting for 7.48% of total costs, due to reduced hydropower generation[50] - Employee compensation increased by 1.61% to 896,621,732.15 yuan, accounting for 15.85% of total costs[51] - Depreciation costs rose by 3.63% to 2,121,131,518.60 yuan, accounting for 37.49% of total costs, due to new unit operations[51] - Repair costs decreased by 36.65% to 65,560,499.16 yuan, accounting for 1.16% of total costs, due to annual repair plan adjustments[51] - The company's total assets at the end of 2023 were 47.27985 billion yuan, an increase of 4.50% compared to the beginning of the year, with total liabilities of 26.17461 billion yuan and equity of 21.10524 billion yuan, resulting in a debt-to-asset ratio of 55.36%, an increase of 3.94 percentage points[30] - The company's net cash flow from operating activities in 2023 was 4.07905 billion yuan, a decrease of 38.16% compared to the previous year[30] - The company's comprehensive financing cost in 2023 was 2.84%, the lowest among power generation units within the China Datang system, with financial expenses saving 366 million yuan compared to the budget[31] - The company's hydropower water consumption rate decreased by 5.94% year-on-year, generating an additional 830 million kWh of electricity, and the photovoltaic utilization hours ranked first among the top five regional benchmarks[31] - The company's clean energy sources, including hydropower, wind power, and photovoltaic, accounted for 89.79% of its total installed capacity, with hydropower installed capacity reaching 10.2354 million kW, the main source of profit[36] - The company's wind and photovoltaic power generation has gradually formed a scale, while the proportion of thermal power assets has relatively decreased[36] - The company's hydropower average electricity price is lower than other types of power prices, giving it a strong competitive advantage in the power market[36] - The company has accumulated rich experience in clean energy project construction and operation management, with advanced production management levels in hydropower stations[37] - The company has actively participated in the reform of the electricity sales side, establishing a wholly-owned subsidiary and a joint venture with Guangxi Power Grid Company, and participating in the Guangxi Power Trading Center[38] - The company's total online electricity in 2023 was 27.741 billion kWh, a decrease of 32.39% compared to the previous year[70] - The company's market-based electricity trading volume was 7.579 billion kWh, a 14.38% increase year-on-year, accounting for 27.32% of total online electricity[70] - The company's subsidiary, Guangxi Guiguan Power Marketing Co., Ltd., served 214 power users and signed electricity sales of 5.68 billion kWh in 2023[71] - The company's total social responsibility investment in 2023 was 38.669 million yuan, including 29.414 million yuan in funds and 9.255 million yuan in material donations, benefiting 14,856 people[156] - The company's total investment in poverty alleviation and rural revitalization projects in 2023 was 28.95 million yuan, benefiting 8,468 people through education, industry, livelihood, employment, and party building assistance[158] - The company's Duyang Wind Project in Dahua County invested 125 million yuan, with a one-time payment of 8.03 million yuan for land transfer, benefiting 26 natural villages across three townships and transferring 780 acres of land[160] - The company's environmental protection facilities, including desulfurization, denitrification, and electrostatic dust removal systems, have been operating since 2013 and 2014, with ultra-low emission standards achieved for sulfur dioxide, nitrogen oxides, and dust emissions[145] - The company completed the construction of the Hongshui River Middle Reach Fish Proliferation and Release Center, releasing 1.62 million fish of 11 species in 2023, exceeding the designed annual release scale of 1.32 million[152] - The company strictly adheres to ecological flow requirements at its hydropower stations and has developed annual environmental protection plans and long-term ecological plans, including a "Major Environmental Pollution Accident Emergency Plan"[152] - The company's environmental impact assessments and water and soil conservation reports are mandatory for wind and photovoltaic project designs, ensuring compliance with ecological red lines and environmental protection measures during construction and operation[153] - The company's environmental protection facilities are designed, constructed, and operated simultaneously with the main projects, and all construction projects have obtained environmental impact assessment approvals before construction[150] - The company's "Group-style" education assistance in Dahua County helped improve the college entrance examination results, with three students scoring over 600 points and a 2% increase in first-tier university admission rates[160] - The company invested in a new factory in Dahua County, directly creating 200-300 new jobs, helping local residents achieve stable income growth[161] - The company's parent company, China Datang Group, committed to providing new business opportunities in the same industry to the company under fair and reasonable terms, ensuring no substantial competition[162] - The company implemented new accounting policies effective January 1, 2023, resulting in an increase of RMB 10,686,646.17 in deferred tax assets and RMB 10,646,978.00 in deferred tax liabilities as of December 31, 2022[164][165] - The company's net profit for 2022 increased by RMB 39,668.17 due to the adjustment in accounting policies[165] - The company renewed its contract with Tianzhi International Accounting Firm for the fourth consecutive year, with an audit fee of RMB 3,000,000[167] - The company reported no significant litigation, arbitration, or regulatory penalties during the reporting period[169] - The company's controlling shareholders and actual controllers maintained good credit standing throughout the reporting period[169] - Coal procurement service: The company signed a coal procurement service agreement with Datang International Fuel Trading Co., Ltd. for 1.05 million tons, with an estimated transaction amount of 737.1 million yuan (based on a price of 702 yuan/ton). As of the reporting period, the actual transaction amount was 244.16 million yuan, not exceeding the approved plan[170] - Financial and business integration platform maintenance service: The company entrusted Hunan Datang Xianyi Technology Co., Ltd. to provide maintenance services for the integration platform, with an estimated amount of 1.7 million yuan. The actual amount spent was 1.7 million yuan, not exceeding the approved plan[170] - Financial sharing system maintenance service: The company entrusted Hunan Datang Xianyi Technology Co., Ltd. to provide maintenance services for the financial sharing system, with an estimated amount of 1.3865 million yuan. The actual amount spent was 1.359 million yuan, not exceeding the approved plan[170] - Hydropower/new energy technical services: The company entrusted China Datang Group Science and Technology Research Institute Co., Ltd. to provide technical monitoring services for 39 hydropower stations and related technical services for new energy stations, with an estimated amount of 61 million yuan. The actual amount spent was 40.4669 million yuan, not exceeding the approved plan[171] - Thermal power technical monitoring: The company entrusted China Datang Group Science and Technology Research Institute Co., Ltd. to provide technical monitoring and services for 1 thermal power plant, with an estimated amount of 6 million yuan. An additional 3.5 million yuan was approved for major repairs and project acceptance. The actual amount spent was 3.3216 million yuan, not exceeding the approved plan[171] - New energy technical services: The company entrusted Beijing Tanghao Electric Power Engineering Technology Research Co., Ltd. to provide wind turbine oil testing and technical support services for wind and photovoltaic power stations, with an estimated amount of 1.2 million yuan. The actual amount spent was 1.1382 million yuan, not exceeding the approved plan[171] - New energy technical services: The company entrusted Datang Northeast Electric Power Test Research Institute Co., Ltd. to provide technical supervision and support services for 3 wind farms in Guizhou, with an estimated amount of 600,000 yuan. The actual amount spent was 576,000 yuan, not exceeding the approved plan[171] - Wind turbine maintenance and operation: The company entrusted Datang Guizhou Energy Service Co., Ltd. to provide maintenance and operation services for wind turbines and overhead lines in Guizhou, with an estimated amount of 1.1 million yuan. The actual amount spent was 846,400 yuan, not exceeding the approved plan[171] - Material centralized procurement and distribution service: The company entrusted China Water Resources and Electric Power Materials Group Co., Ltd. to provide centralized procurement and distribution services, with an estimated amount of 1.5 million yuan. The actual amount spent was 1.5 million yuan, not exceeding the approved plan[171] - The company's centralized procurement and distribution services for materials amounted to 161,315.00 million yuan, which is 33.6% of the planned 480,667.00 million yuan[172] - Technical consulting services for development and construction projects cost 1,387.00 million yuan, which is 25.8% of the planned 5,377.00 million yuan[172] - Renewable energy technical consulting services cost 1,176.95 million yuan, which is 42.8% of the planned 2,749.00 million yuan[172] - Equipment supervision services cost 1,609.00 million yuan, which is 18.1% of the planned 8,873.00 million yuan[172] - The company renewed its financial services agreement with China Datang Group Finance Co., Ltd., increasing the daily maximum deposit and loan balance from 7 billion yuan to 10 billion yuan[172] - The company plans to invest 12,000 million yuan, representing a 12% stake, in the establishment of China Datang Group Technology Innovation Co., Ltd., with a total registered capital of 100,000 million yuan[173] - The company's deposit balance with China Datang Group Finance Co., Ltd. at the end of the period was 718,912,091.39 yuan, with a deposit interest rate range of 0.35% to 1.15%[174] - The company's loan balance with China Datang Group Finance Co., Ltd. at the end of the period was 1,443,730,000.00 yuan, with a loan interest rate range of 2.8% to 3.95%[175][176] - The company's credit business with China Datang Group Finance Co., Ltd., a subsidiary under the same parent company, amounted to RMB 6,993,000,000 out of a total credit limit of RMB 10,000,000,000[177] - The company reported no significant changes in its share capital structure during the reporting period[182] - The company issued bonds totaling RMB 15 billion with a fixed interest rate of 3.6% in 2020, which were used to repay interest-bearing debts[185] - In 2022, the company issued green bonds totaling RMB 15 billion with an initial interest rate of 2.74%, which were used to repay bank loans of its subsidiary, Longtan Hydropower Development Co., Ltd[186] - The company's total guarantee balance for subsidiaries was RMB 0, with no guarantees provided to shareholders, actual controllers, or related parties[180] - The company issued short-term commercial papers (SCP) totaling RMB 2 billion in 2023 with an interest rate of 2.39%, maturing in 2024[184] - The company issued medium-term notes (MTN) totaling RMB 14 billion in 2022 with an interest rate of 4.0%, maturing in 2024[184] - The company issued energy supply special bonds totaling RMB 5 billion in 2023 with an interest rate of 2.93%, maturing in 2025[184] - The company's total guarantee amount (including guarantees for subsidiaries) accounted for 0% of its net assets[180] - The company's bond issuance in 2022 included an option to adjust the interest rate at the end of the first and second interest-bearing years, with investors having the right to sell back the bonds[186] - The company adjusted the coupon rate of the G22 Guiguan 1 bond to 2.95% for the second year, with a total buyback amount of 1.5 billion yuan[188] - G22 Guiguan 3 was issued with a total scale of 1 billion yuan and a coupon rate of 2.7%, with a 3-year maturity[189] - 22 Guiguan Power SCP001 was issued with a total scale of 600 million yuan and a coupon rate of 1.87%, with a 148-day maturity[191] - 21 Guiguan Power MTN0001 (Revolutionary Old Area) was issued with a total scale of 600 million yuan and a coupon rate of 3.5%, with a 2+N year maturity[192] - 23 Guiguan Power SCP001 was issued with a total scale of 200 million yuan and a coupon rate of 2.39%, with a 60-day maturity[193] - 22 Guiguan Power MTN001 was issued with a total scale of 1.4 billion yuan and a coupon rate of 4.00%, with a 2+N year maturity[194] - 23 Guiguan Power MTN001 (Energy Supply Special Bond) was issued with a total scale of 500 million yuan and a coupon rate of 2.93%, with a 2+N year maturity[195] - 23 Guiguan Power MTN002 was issued with a total scale of 600 million yuan and a coupon rate of 2.84%, with a 2+N year maturity[196] - The total number of ordinary shareholders at the end of the reporting period was 43,103[197] - The top shareholder, China Datang Corporation, held 4,063,487,233 shares, accounting for 51.55% of the total shares[198] - Guangxi Investment Group Co., Ltd. holds 1,758,119,535 shares, accounting for 22.30% of the total shares[199] - Guangxi Investment Group Co., Ltd. had 1,418,000 shares lent out through the securities lending business at the beginning of the period, accounting for 0.0180% of the total shares[200] - Guangxi Investment Group Co., Ltd. had 281,300 shares lent out through the securities lending business at the end of the period, accounting for 0.0036% of the total shares[200] - China Datang Corporation holds 4,063,487,233 shares, accounting for the largest shareholding[199] - China Yangtze Power Co., Ltd. holds 837,621,158 shares[199] - Guoxin Boyuan Investment (Beijing) Co., Ltd. holds 339,547,000 shares[199] - Guizhou Wujiang Energy Investment Co., Ltd. holds 245,889,671 shares[199] - Changjiang Power Investment Management Co., Ltd. holds 107,065,915 shares[199] - Beijing Chengtong Capital Operation Co., Ltd. holds 69,705,603 shares[199

2024年第一季度报告 证券代码：600236 证券简称：桂冠电力 广西桂冠电力股份有限公司 2024 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是√否 ...

股票代码：600236 股票简称：桂冠电力 编号： 2024-012 广西桂冠电力股份有限公司 关于续聘会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●拟续聘的会计师事务所名称：天职国际会计师事务所（特殊普 通合伙）。 1 得金融审计资格，取得会计司法鉴定业务资格，以及取得军工涉密业 务咨询服务安全保密资质等国家实行资质管理的最高执业资质的会 计师事务所之一，并在美国 PCAOB 注册。天职国际过去二十多年一 直从事证券服务业务。 2.人员信息 ●本次会计师聘任事项尚需提交本公司股东大会审议。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 天职国际会计师事务所（特殊普通合伙）（以下简称"天职国际"） 创立于 1988 年 12 月，总部北京，是一家专注于审计鉴证、资本市场 服务、管理咨询、政务咨询、税务服务、法务与清算、信息技术咨询、 工程咨询、企业估值的特大型综合性咨询机构。 天职国际首席合伙人为邱靖之，注册地址为北京市海淀区车公庄 西路 19 号 68 号楼 A ...

第十届董事会第三次会议文件之十五 广西桂冠电力股份有限公司 独立董事 2023 年度述职报告(沈剑飞) -- 第十届董事会第三次会议 (2024年4月23日) == 本人自 2023年 12月 26 日经广西桂冠电力股份有限公司(以下 简称"桂冠电力"或"公司")2023年第三次临时股东大会,担任公 司独立董事以来,能够严格按照《中华人民共和国公司法》《中华人 民共和国证券法》、《上市公司独立董事管理办法》、《上海证券交易所 股票上市规则》、《上海证券交易所上市公司自律监管指引第1号 -- 规范运作》、《公司章程》等法律、法规和规范性文件的规定,在 2023 年忠实、勤勉、尽责,通过各种方式认真审议董事会、专门委员会各 项议案,并对相关事项发表独立意见,充分发挥独立作用,切实维护 公司整体利益和全体中小股东的合法权益。现将本人 2023 年度履行 独立董事职责的情况报告如下; 一、独立董事的基本情况 (一)个人工作履历、专业背景及兼职情况 本人沈剑飞,男,1965年12月出生,经济学博士、教授。历任 桂冠电力、国网英大财险、黔源电力、北京北信源软件股份有限公司、 川财证券公司、涪陵电力等单位独立董事。现任华北 ...

第十届董事会第三次会议文件之十五 广西桂冠电力股份有限公司 独立董事 2023 年度述职报告(林世权) -- 第十届董事会第三次会议 (2024年4月23日) 本人自 2023 年 12 月 26 日经广西桂冠电力股份有限公司(以 下简称"桂冠电力"或"公司"）2023 年第三次临时股东大会选举担 任公司独立董事以来,能够严格按照《中华人民共和国公司法》、《中 华人民共和国证券法》、《上市公司独立董事管理办法》、《上海证券交 易所股票上市规则》《上海证券交易所上市公司自律监管指引第1号 -- 规范运作》、《公司章程》等法律、法规和规范性文件的规定,在 2023 年忠实、勤勉、尽责,通过各种方式认真审议董事会、专门委 员会各项议案,并对相关事项发表独立意见,充分发挥独立作用,切 实维护公司整体利益和全体中小股东的合法权益。现将本人 2023 年 度履行独立董事职责的情况报告如下: 一、独立董事的基本情况 (一)个人工作履历、专业背景及兼职情况 本人林世权,男,1966年10月出生,研究生学历,正高级会计 师、注册会计师,经济学硕士。历任广西财政高等专科学校讲师;广 西财政厅副主任科员、主任科员、副处长;广西来宾 ...

地址:广西南宁市民族大道126-1号 邮政编码:530029 电话:0771-6118880 传真:0771-6118999 2023 年度 Environmental， Social and Governance Report 环境、社会及治理（ESG）报告 （股票代码：600236 ） 关于本报告 本报告是广西桂冠电力股份有限公司发布的第2份环境、社会及治理（ESG）报告，本着客观、规范、透明和全面的原则，详细 披露公司2023年在积极承担社会责任和促进可持续发展等方面的具体举措、重点实践、亮点案例和关键绩效，旨在回应利 益相关方的期望，更好地履行社会责任。 时间范围 本报告涵盖期间为2023年1月1日至12月31日。为增强本报告的对比性和前瞻性，部分内容适当追溯以往年份或具有前瞻 性描述。 报告范围 编制依据 本报告依据国务院国有资产监督管理委员会《关于国有企业更好履行社会责任的指导意见》《央企控股上市公司ESG专项 报告编制研究》、全球报告倡议组织（Global Reporting Initiative，GRI）发布的《可持续发展报告标准（GRI Standards）》 以及《联合国可持续发展目标》( ...

第十届董事会第三次会议文件之十五 广西桂冠电力股份有限公司 独立董事 2023 年度述职报告 (广丽华) (二)是否存在影响独立性的情况说明 第十届董事会第三次会议 (2024年4月23日) 作为广西桂冠电力股份有限公司(以下简称"桂冠电力"或"公 司")的独立董事,本人严格按照《中华人民共和国公司法》、《中华 人民共和国证券法》、《上市公司独立董事管理办法》、《上海证券交易 所股票上市规则》、《上海证券交易所上市公司自律监管指引第1号一 一规范运作》、《公司章程》等法律、法规和规范性文件的规定,在 2023年忠实、勤勉、尽责,通过各种方式认真审议董事会、专门委 员会各项议案,并对相关事项发表独立意见,充分发挥独立作用,切 实维护公司整体利益和全体中小股东的合法权益。现将本人 2023 年 度履行独立董事职责的情况报告如下: 一、独立董事的基本情况 (一)个人工作履历、专业背景及兼职情况 本人邝丽华,女,1956年8月出生,高级审计师。历任广西区 林业厅审计处副处长,挂任广西高峰林场副场长;广西区林业厅审计 处处长;广西开发投资有限责任公司、广西投资集团有限公司财务部 副经理、审计部经理、财务审计部经理、财务 ...

股票代码：600236 股票简称：桂冠电力 编号:2024-011 广西桂冠电力股份有限公司 2023 年度利润分配方案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●每股分配比例：A股每10股派发现金红利1.2元（含税）。 ●本次利润分配以实施权益分派股权登记日登记的总股本为基 数，具体日期将在权益分派实施公告中明确。 ●在实施权益分派的股权登记日前公司总股本发生变动的，拟维 持每股分配比例不变，相应调整分配总额，并将在相关公告中披露。 一、利润分配方案内容 经天职国际会计师事务所（特殊普通合伙）审计，广西桂冠电力 股份有限公司（以下简称"公司"）2023 年实现归属于上市公司股东 净利润 1,225,950,064.27 元，扣除其他权益工具永续债持有者的股 利 84,291,867.84 元，提取法定盈余公积 173,523,802.18 元后，公 司当年实现归属于上市公司股东可供分配利润为 968,134,394.25 元， 2023 年末公司累计未分配利润 4,363,218,380.9 ...

广西桂冠电力股份有限公司 内部控制审计报告 天职业字[2024]8221-1 号 目 录 内部控制审计报告一 -1 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查 内部控制审计报告 天职业字[2024]8221-1 号 广西桂冠电力股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了广西 桂冠电力股份有限公司(以下简称"桂冠电力")2023年12月31日的财务报告内部控制的有 效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》的 规定,建立健全和有效实施内部控制,并评价其有效性是桂冠电力董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见,并 对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化可 能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结果推 ...