Core Viewpoint - The Shenzhen Securities Regulatory Bureau issued a warning letter to Zhihong Accounting Firm and its accountants for deficiencies in the audit of Changliang Technology's 2023 annual report, highlighting significant issues in audit execution and compliance with auditing standards [2][4]. Summary by Sections Control Testing - Control tests were inadequately executed, particularly regarding the key control point "contract changes" in the sales and collection cycle, lacking sufficient audit evidence to prove the effectiveness of the control [4][5]. Revenue Audit Procedures - The audit procedures for revenue were insufficient, failing to consider significant discrepancies between estimated revenues at the end of 2022 and actual settlement amounts due to customer changes, as well as a substantial reduction in actual settlement amounts in January 2024 compared to estimates at the end of 2023 [5][6]. Accounts Receivable and Bad Debt Provision - The audit procedures for accounts receivable and bad debt provisions were not adequately performed, particularly regarding the reasonableness of significant changes in the forward-looking adjustment coefficients of the expected credit loss model and the review procedures for key parameters in migration rate calculations [6][7]. R&D Expenses - The audit procedures for R&D expenses were insufficient, failing to assess the reasonableness of recognizing certain intangible asset amortizations as R&D expenses [7][8]. Uncorrected Misstatements - There was a failure to aggregate and evaluate the impact of uncorrected misstatements that exceeded the threshold for clearly trivial misstatements, which is a violation of auditing standards [8][9]. Audit Documentation - Audit documentation was inadequate, with missing records for revenue detail tests and cutoff tests, and a lack of justification for the sample selection range in revenue cutoff tests [9].