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Longwei Petroleum Investment Holding Limited Message Board

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  • hshinti hshinti Jun 19, 2011 9:19 AM Flag

    Kevein Chen updates LPH. a MUST read.

    One of the key points Chen makes:

    "the top 7 to 10 suppliers together likely account for 95% of LPH’s annual material purchases. So, to audit 95% of LPH’s cost of sales, its auditor only needs to send inquiry letters to no more than 10 companies to ask them how much their 2010 sales to LPH was. Of course this kind of information is confidential, but any supplier will have no problem releasing it as long as the requesting party has a written consent from its customer. For the auditor of the company, which is an accounting firm with reach experience auditing Chinese clients, it is not an exaggeration to say that doing this is really a walk in a park for Child, Van Wagoner & Bradshaw.
    http://www.staranalystonline.com/

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    • I think I know what the big news Paveway is getting at: - CBR is Mormon - "the horror, the horror"......

      • 1 Reply to pef1957
      • "...For the auditor of the company, which is an accounting firm with reach experience auditing Chinese clients, it is not an exaggeration to say that doing this is really a walk in a park for Child, Van Wagoner & Bradshaw..."

        No, what I'm saying is that the above statement IS an exaggeration (if those are Kevin's words), and displays a clear lack of basic understanding of the current situation with CVWB. It's painfully obvious he is aware of the situation - who would keep bragging up an incompetent auditor? I'm sure if Kevin would have lost a few grand in YUII, he would have a slightly different opinion of CVWB.

        The point of the YUII failure is that CVWB is unlikely to have taken a 'walk in the park' to do much of anything with LPH that anyone can rely on.

 
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