On December 16th, the "You Zhi" Smart Audit System, developed by the Audit and Supervision Center, was officially launched. This pivotal moment was witnessed by Yuan Zhong, General Manager of the Enterprise Operations Management Center, and associated personnel, along with Li Wei, General Manager of the Group Information Center, and relevant staff members from both centers, all of whom joined to commemorate the system's launch.

Derived from the ancient text "Shuowen Jiezi," the character "廌 (zhì)" symbolizes a creature resembling a mountain ox with a single horn. Historically, it was employed in legal disputes to signify complexities and ambiguities, conveying the essence of discerning right from wrong.

Project timeline:

• May: Commencement of the system construction project, laying the groundwork for digital implementation.

• June: The information technology project embarked on its preliminary phases, conducting initial research.

• July: Collaborative planning discussions with the Information Center.

• July to September: Alignment with the Group's existing information systems.

• September: Blueprint formulation, review on September 16th, and approval of the design proposal on September 22nd.

• September to November: Project development phase.

• Starting from November 14th, the system underwent rigorous User Acceptance Testing (UAT).

• December 9th marked the convening of the system launch review meeting, which successfully received approval.

At the launch event, Xi Hong, the General Manager, led the proceedings and delivered an address. The Ernst & Young project team presented the system, providing an insightful demonstration. Both Yuan and Li expressed their resounding endorsement and backing for the "You Zhi" Smart Audit System, offering constructive recommendations for its ongoing operation and maintenance. The event culminated with a group photograph, commemorating the triumphant conclusion of the launch ceremony.

A group photo captures the attendees' shared moment.

The introduction of the "You Zhi" Smart Audit System ushers in a fresh chapter in Huayou's audit endeavors, signifying the company's elevation to a heightened level of audit operations.

The "You Zhi" Smart Audit System encompasses audit workflow platforms and specializes in big data auditing. By harnessing the power of big data analysis and rule-based screening, the system generates comprehensive data dashboards that spotlight problematic projects or suppliers, thus enhancing the efficiency of audit processes.

With the overarching objectives of holistic risk insight, transparent risk visibility, and streamlined team collaboration, the system is instrumental in facilitating high-quality audit operations across three key dimensions:

1. Contrasting with conventional audit methods, the system employs data-driven audit procedures that span the entirety of company operations. This empowers the audit team to not only identify potential misreporting risks but also to delve deeply into each transaction, thereby elucidating directions for further investigation.

2. The implementation of standardized audit procedures and automated mechanisms for unified analysis and audit report generation.

3. The system enables efficient reduction of communication and time costs, bolstered by encrypted data transmission and storage, which substantially enhances data security.

4. As the digital economy takes center stage, evolving business models increasingly rely on advanced data technologies. Meanwhile, the proliferation of sophisticated fraudulent techniques underscores the necessity of robust information technology in auditing and fraud prevention. The "You Zhi" Smart Audit System leverages advanced analytical technologies, including process informatization and big data analysis, to uncover hidden intricacies within enterprises.

Additionally, the system promotes the exchange of insights with management. Furthermore, the system's launch serves as a deterrent for those harboring notions of impunity for unlawful activities. With a traceable footprint, the system can apprehend evidence of wrongdoing, leaving culprits with nowhere to hide, thereby boosting the efficacy of anti-fraud endeavors.

The Huayou Audit and Supervision Information Technology Project integrates enterprise data, establishes a data analysis platform, embeds a closed-loop improvement process, and provides suggestions for process optimization. By doing so, it achieves the digital management of the entire audit project lifecycle, thereby fortifying the organization's internal audit function.