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Longwei Petroleum Investment Holding Limited Message Board

  • cashflow599 cashflow599 Dec 4, 2012 9:46 PM Flag

    LPH: Auditors are Child, Van Wagoner & Bradshaw. Respected American firm with boots on ground in china

    LPH: Sticking with respected USA auditor a great move.

    Mark me down as one of those that called for LPH to move over to a Big Four accounting firm.

    Turns out that LPHs CEO is a lot smarter than any of those that have second guessed him.

    CEO Cai made one great decision after another in the last few years that is now paying off in spades.

    Now, his loyalty and commitment to the highly regarded Utah firm of Child, Van Wagoner & Bradshaw turns out to be one more great call.

    The auditor is fully compliant with SEC access requirements and has employees on the ground in China that work for the USA firm, not a China affiliate in contrast to the Big Four.

    Just terrific.

    Sentiment: Strong Buy

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    • A respected analyst has the same opinion as you. See the SA article comments section.

      Sentiment: Strong Buy

    • In the last conference call, an analyst asked the CFO their current auditing practice. The CFO said that their American auditors who are based out of their Utah office and their Hong Kong office employees together go to Longwei’s offices in Shanxi 3 times a year to check documents and ask for verifications from government offices, banks, customers, and clients. In other words, these American accountants personally checked all documents and guaranteed accuracy and reliability of them. The CFO also said that the auditor has turned up the intensity and rigor of the auditing procedure this year due to the blown-up cases of some Chinese companies and the SEC’s close scrutiny. It is not surprising if the SEC pays more attention and conducts a more rigorous review of the auditor’s practices and procedures because of its focus on Chinese companies. On the contrary, all of the big 4 auditors “outsource” the auditing job of their Chinese clients to their brand offices or subsidiaries in China, and that’s actually the main reason that their U.S. headquarters have failed to ensure that they are auditing 100% of the supporting information to comply with US SEC standards. When problems arise, these big-4 firms in the US just wipe their hands clean and dump all the blame and responsibility on their subsidiaries in China. This analyst was much more comfortable with Anderson Bradshaw’s auditing practice than the big-4 firms' auditing practices with regards to Chinese companies.

      Sentiment: Strong Buy

    • I am very concerned to see here huge appreciation for auditors who have ceased to be among SEC reporting companies.

      The successor, Anderson Bradshaw, is reporting a small selection of clients served, in their own website .... here it is, with my research on market cap for each of such clients:

      Trafalgar Resources : $ 5 mil
      Resource Holdings : $ 0 mil
      China Marketing Media Holdings : $ 115k (ie

    • On or about August 1, 2012, Child, Van Wagoner & Bradshaw, PLLC (“CVB” ceased its
      accounting practice for Securities and Exchange Commission (”SEC”) reporting
      companies.

    • I concur. The SEC reported charging Chinese affiliates of top acct firms for failing to give documents related to its probes of potential fraud by chinese firms. Mentioned auditors were Deloitte Touche Tohmatsu, Ernst & Young Hua Ming, KPMG Huazhen, PricewaterhouseCoopers Zhong Tian and BDOChinaDahua. All mentioned firms refused to cooperate.

      LPH has No Concerns or Worries. Good job Mr Cai for hiring Child,Van Wagoner & Bradshaw.

      For all bashers out there these are the facts. Go LPH!

      Sentiment: Strong Buy

 
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