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Zon4Ever 10-Sep-2010 04:04 PM

Post Type: Public

Chinese Company Auditors Under Fire (#3681) 10-Sep-2010 04:04 PM

The following is a list of companies that have or had ties to auditing firms and associations whose quality of work has been challenged.

Notice that we have included firms with ties to the Moore Stephan network. However, the old MSWTF and its successor Frazer Frost have received most of the criticism within the Moore Stephens network.

Company	Most Recent Audit	Management Most recent Internal Control Opinion	Notes
Skystar Bio-Pharma Co (NASDAQ:SKBI)	Frazer Frost	Not effective
China Biologic (NASDAQ:CBPO)	Frazer Frost, LLP	Material weakness
China Clean Energy (OTC BB:CCGY)	Frazer Frost, LLP	Effective	Retained Freidman LLP on April 14, 2010
China Medicine (OTC BB:CHME)	Frazer Frost, LLP	Material weakness. entered into a consultanting agreement with Ernst & Young (China)
China Valves Tech (NASDAQ:CVVT)	Frazer Frost, LLP	Not effective
Fushi Copperweld (NASDAQ:FSIN)	Frazer Frost, LLP	Effective
General Steel Holdings (NYSE:GSI)	Frazer Frost, LLP	Effective
Harbin Electric (NASDAQ:HRBN)	Frazer Frost, LLP	Effective
Rino Intl (NASDAQ:RINO)	Frazer Frost, LLP	Material weakness
L & L Energy (NASDAQ:LLEN)	Kabani & Co. Inc.	Not effective
China Natural (NASDAQ:CHNG)	Frazer Frost, LLP	Material weakness
American Wenshen Steel (OTC BB:AWSH)	Kabani & Company, Inc.	Effective
China Green Agriculture (NYSE:CGA)	Kabani & Company, Inc.	Material weakness
China Yida Holdings (NASDAQ:CNYD)	Kabani & Company, Inc.	Effective, but BDO Li Xin Da Hu, in connection with their resignation on August 8, 2010, indicated that we lacked a good system of internal controls	Retained BDO China Li Xin Da Hua CPA Co., Ltd on May 20, 2010. Retained Friedman LLP on August 8, 2010 after BOD resigned.
China Voip (OTC BB:CVDT)	Kabani & Company, Inc.	Effective	Received default notice in June of 2009. Has recently addressed the issue
China Yongxin Pharmaceuticals (OTC BB:CYXN)	Kabani & Company, Inc.	Effective	Had completed raises at usery type prices.
Fuwei Films Co (NASDAQ:FFHL)	Kabani & Company, Inc.	Effective
Great China (OTC BB:GCIH)	Kabani & Company, Inc.	Effective
Hartcourt Companies (OTC BB:HRCT)	Kabani & Company, Inc.	Effective	Involved in lawsuit over past due debt obligation
New Taohuayuan Culture Tourism Company Ltd. (OTC BB:NTYN)	Kabani & Company, Inc.	Effective
Sino Green Land Corp (OTC BB:SGLA)	Kabani & Company, Inc.	Not effective	Just announced non-reliance filing
Sancon Resources (OTC BB:SRRY)	Kabani & Company, Inc.	Not effective
Tongji Health Care (OTC BB:TONJ)	Kabani & Company, Inc.	Effective
Shengtai Pharmaceuticals (OTC BB:SGTI)	Moore Stephens Wurth Frazer and Torbet, LLP	Not effective	Appointed Kabani & Company, Inc. On October 20, 2009
China Advanced Constructi (NASDAQ:CADC)	Moore Stephens Wurth Frazer and Torbet, LLP	Not effective
China Fire & Security (NASDAQ:CFSG)	Frazer Frost, LLP	Effective
China Xd Plastics Co (NASDAQ:CXDC)	Moore Stephens, Hong Kong	Material weakness
Perfectenergy Intl (OTC BB:PFGY)	Frazer Frost, LLP	Not effective
Jiangbo Pharmaceuticals Enterprises, Inc. (NASDAQ:JGBO)	Moore Stephens Wurth Frazer and Torbet, LLP	Not effective	Frazer Frost, LLP
Duoyuan Printing (NYSE:DYP)	Moore Stephens Wurth Frazer and Torbet, LLP	Effective	March 1, 2010, Frazer Frost, LLP was dismissed; Effective as of March 2, 2010, Deloitte Touche Tohmatsu CPA Ltd.
T-Bay Holdings (OTC BB:TBYH)	Moore Stephens, Hong Kong	Material weakness	We had a very bad experience with this firm. Turned out to be a pump and dump
China Precision Steel (NASDAQ:CPSL)	Moore Stephens, Hong Kong
China Housing & Land (NASDAQ:CHLN)	MSCM LLP (Moore Stephens Member)	Not effective. The Company has engaged Ernst & Young to aid in the compliance with SOX 404.
China Sky One Medical (NASDAQ:CSKI)	MSPC (Moore Stephans Member)	Material weakness
A-Power En General Systems (NASDAQ:APWR)	MSCM LLP (Moore Stephens Member)

Subject :

<p>The following is a list of companies that have or had ties to auditing firms and associations whose quality of work has been challenged.</p>  <p>Notice that we have included firms with ties to the Moore Stephan network. However, the old MSWTF and its successor Frazer Frost have received most of the criticism within the Moore Stephens network. </p> <table border="1"> <tbody> <tr> <td><strong>Company</strong></td> <td><strong>Most Recent Audit</strong></td> <td><strong>Management Most recent Internal Control Opinion</strong></td> <td><strong>Notes</strong></td></tr> <tr> <td><a href="../../companies/skbi_skystar_bio_pharma_co/overview">Skystar Bio-Pharma Co (NASDAQ:SKBI)</a></td> <td>Frazer Frost</td> <td>Not effective</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/cbpo_china_biologic/overview">China Biologic (NASDAQ:CBPO)</a></td> <td>Frazer Frost, LLP</td> <td>Material weakness</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/ccgy_china_clean_energy/overview">China Clean Energy (OTC BB:CCGY)</a></td> <td>Frazer Frost, LLP</td> <td>Effective</td> <td>Retained&nbsp; Freidman LLP on April 14, 2010</td></tr> <tr> <td><a href="../../companies/chme_china_medicine/overview">China Medicine (OTC BB:CHME)</a></td> <td>Frazer Frost, LLP</td> <td>Material weakness. entered into a consultanting agreement with Ernst &amp; Young (China)&nbsp;&nbsp;</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/cvvt_china_valves_tech/overview">China Valves Tech (NASDAQ:CVVT)</a></td> <td>Frazer Frost, LLP</td> <td>Not effective</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/fsin_fushi_copperweld/overview">Fushi Copperweld (NASDAQ:FSIN)</a></td> <td>Frazer Frost, LLP</td> <td>Effective</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/gsi_general_steel_holdings/overview">General Steel Holdings (NYSE:GSI)</a></td> <td>Frazer Frost, LLP</td> <td>Effective</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/hrbn_harbin_electric/overview">Harbin Electric (NASDAQ:HRBN)</a></td> <td>Frazer Frost, LLP</td> <td>Effective</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/rino_rino_intl/overview">Rino Intl (NASDAQ:RINO)</a></td> <td>Frazer Frost, LLP</td> <td>Material weakness</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/llen_l_and_l_energy/overview">L &amp; L Energy (NASDAQ:LLEN)</a></td> <td>Kabani &amp; Co. Inc.</td> <td>Not effective</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/chng_china_natural/overview">China Natural (NASDAQ:CHNG)</a></td> <td>Frazer Frost, LLP</td> <td>Material weakness</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/awsh_american_wenshen_steel/overview">American Wenshen Steel (OTC BB:AWSH)</a></td> <td>Kabani &amp; Company, Inc.</td> <td>Effective</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/cga_china_green_agriculture/overview">China Green Agriculture (NYSE:CGA)</a></td> <td>Kabani &amp; Company, Inc.</td> <td>Material weakness</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/cnyd_china_yida_holdings/overview">China Yida Holdings (NASDAQ:CNYD)</a></td> <td>Kabani &amp; Company, Inc.</td> <td>Effective, but BDO Li Xin Da Hu, in connection with their resignation on August 8, 2010, indicated that we lacked a good system of internal controls</td> <td>Retained BDO China Li Xin Da Hua CPA Co., Ltd on May 20, 2010. Retained Friedman LLP on August 8, 2010 after BOD resigned.</td></tr> <tr> <td><a href="../../companies/cvdt_china_voip/overview">China Voip (OTC BB:CVDT)</a></td> <td>Kabani &amp; Company, Inc.</td> <td>Effective</td> <td><a href="../../companies/cvdt_china_voip/research/investor_alert/0021700">Received default notice in June of 2009. Has recently addressed the issue</a></td></tr> <tr> <td><a href="../../companies/cyxn_china_yongxin_pharmaceuticals/overview">China Yongxin Pharmaceuticals (OTC BB:CYXN)</a></td> <td>Kabani &amp; Company, Inc.</td> <td>Effective</td> <td><a href="../../companies/cyxn_china_yongxin_pharmaceuticals/research">Had completed raises at usery type prices.</a></td></tr> <tr> <td><a href="../../companies/ffhl_fuwei_films_co/overview">Fuwei Films Co (NASDAQ:FFHL)</a></td> <td>Kabani &amp; Company, Inc.</td> <td>Effective</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/gcih_great_china/overview">Great China (OTC BB:GCIH)</a></td> <td>Kabani &amp; Company, Inc.</td> <td>Effective</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/hrct_hartcourt_companies/overview">Hartcourt Companies (OTC BB:HRCT)</a></td> <td>Kabani &amp; Company, Inc.</td> <td>Effective</td> <td><a href="../../companies/hrct_hartcourt_companies/research/investor_alert/0026156">Involved in lawsuit over past due debt obligation</a></td></tr> <tr> <td><a href="../../companies/ntyn_new_taohuayuan_culture_tourism_company_ltd_/overview">New Taohuayuan Culture Tourism Company Ltd. (OTC BB:NTYN)</a></td> <td>Kabani &amp; Company, Inc.</td> <td>Effective</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/sgla_sino_green_land_corp/overview">Sino Green Land Corp (OTC BB:SGLA)</a></td> <td>Kabani &amp; Company, Inc.</td> <td>Not effective</td> <td><a href="../../companies/sgla_sino_green_land_corp/research/investor_alert/0026157">Just announced non-reliance filing</a></td></tr> <tr> <td><a href="../../companies/srry_sancon_resources/overview">Sancon Resources (OTC BB:SRRY)</a></td> <td>Kabani &amp; Company, Inc.</td> <td>Not effective</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/tonj_tongji_health_care/overview">Tongji Health Care (OTC BB:TONJ)</a></td> <td>Kabani &amp; Company, Inc.</td> <td>Effective</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/sgti_shengtai_pharmaceuticals/overview">Shengtai Pharmaceuticals (OTC BB:SGTI)</a></td> <td>Moore Stephens Wurth Frazer and Torbet, LLP</td> <td>Not effective</td> <td>Appointed Kabani &amp; Company, Inc.&nbsp; On October 20, 2009</td></tr> <tr> <td><a href="../../companies/cadc_china_advanced_constructi/overview">China Advanced Constructi (NASDAQ:CADC)</a></td> <td><a name="RANGE!B26" title="RANGE!B26"></a>Moore Stephens Wurth Frazer and Torbet, LLP</td> <td>Not effective</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/cfsg_china_fire_and_security/overview">China Fire &amp; Security (NASDAQ:CFSG)</a></td> <td>Frazer Frost, LLP</td> <td>Effective</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/cxdc_china_xd_plastics_co/overview">China Xd Plastics Co (NASDAQ:CXDC)</a></td> <td>Moore Stephens, Hong Kong</td> <td>Material weakness</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/pfgy_perfectenergy_intl/overview">Perfectenergy Intl (OTC BB:PFGY)</a></td> <td>Frazer Frost, LLP</td> <td>Not effective</td> <td>&nbsp;</td></tr> <tr> <td><a href="../../companies/jgbo_jiangbo_pharmaceuticals_enterprises__inc_/overview">Jiangbo Pharmaceuticals Enterprises, Inc. (NASDAQ:JGBO)</a></td> <td>Moore Stephens Wurth Frazer and Torbet, LLP</td> <td>Not effective</td> <td>Frazer Frost, LLP</td></tr> <tr height="70"> <td height="70"><a href="../../companies/dyp_duoyuan_printing/overview">Duoyuan Printing (NYSE:DYP)</a></td> <td>Moore Stephens Wurth Frazer and Torbet, LLP</td> <td>Effective</td> <td>March&nbsp;1, 2010, Frazer Frost, LLP was dismissed; Effective as of March&nbsp;2, 2010, Deloitte Touche Tohmatsu CPA Ltd.</td></tr> <tr> <td><a href="../../companies/tbyh_t_bay_holdings/overview">T-Bay Holdings (OTC BB:TBYH)</a></td> <td>Moore Stephens, Hong Kong</td> <td>Material weakness</td> <td>We had a very bad experience with this firm. Turned out to be a pump and dump</td></tr> <tr> <td align="left"><a href="../../companies/cpsl_china_precision_steel/overview">China Precision Steel (NASDAQ:CPSL)</a></td> <td>Moore Stephens, Hong Kong</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr height="70"> <td height="70" align="left"><a href="../../companies/chln_china_housing_and_land/overview">China Housing &amp; Land (NASDAQ:CHLN)</a></td> <td>MSCM LLP (Moore Stephens Member)</td> <td>Not effective. The Company has engaged Ernst &amp; Young to aid in the compliance with SOX 404.<br /></td> <td>&nbsp;</td></tr> <tr> <td align="left"><a href="../../companies/cski_china_sky_one_medical/overview">China Sky One Medical (NASDAQ:CSKI)</a></td> <td>MSPC (Moore Stephans Member)</td> <td>Material weakness</td> <td>&nbsp;</td></tr> <tr> <td align="left"><a href="../../companies/apwr_a_power_en_general_systems/overview">A-Power En General Systems (NASDAQ:APWR)</a></td> <td>MSCM LLP (Moore Stephens Member)</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td></tr></tbody></table><p>&nbsp;</p><p>&nbsp;</p><p>&nbsp;</p>

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