07 Jul '11, 5pm

Chinese firms under scrutiny following accounting irregularities

HONG KONG : Chinese companies have come under scrutiny in recent weeks, following a spate of accounting irregularities. The problem is now so serious that US and Chinese officials will meet next week to discuss the issue. Investors in the US and Canada have turned bearish on Chinese companies. In May, software maker Longtop Financial's auditor Deloitte resigned and a US regulator has started a probe into its financial reports. Last month, Toronto-listed Sino-Forest was accused by research house Muddy Waters of overstating its timber holdings in China, sending its shares into freefall. It is an open secret in China's financial industry that Chinese companies often keep multiple sets of books, one to show tax authorities, and one to show investors and one for management. Ashvin Vibhakar, chairman of CFA China, said: "One of the issues that we have found in our more recent re...

Full article: http://www.channelnewsasia.com/stories/corporatenews/view...

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