You know im gonna give this company the benefit of the doubt that its legit, and everything that has happened is pure coincidence. But you have to marvel that in almost one full year to the day of this supposed $4.21 buy-out, the stock price is off 85%. Thats just mind boggling. I think I said it before but in the crash of 1929, 3 years later by 1932 all stocks were off 82%......AMCF has managed to eclipse that mark in less than a year.....well nothing anyone can do now but just hope they are really on the level.
In an interview with Reuters yesterday, PCAOB Chairman James Doty reported that talks were expected before year-end between Chinese and U.S. officials on access to audit working papers in China. According to Reuters, Doty said that while obstacles remain, the upcoming talks could result in a “major breakthrough”. However, he also told Reuters “no deal was in sight”.
A PCAOB team recently returned from a visit to China where they observed Chinese regulators inspecting Ernst & Young’s China operations. The PCAOB team was not permitted to review actual client working papers; they were only allowed to observe Chinese regulators reviewing internal firm quality practices. As such, the observations fall far short of the PCAOB’s mandate to inspect all accounting firms auditing U.S. listed companies.
According to the PCAOB’s website, there are currently 47 Chinese accounting firms registered with the PCAOB, although only 9 of those actually issue reports on U.S. listed companies. In addition, there are 48 Hong Kong accounting firms that have registered with the PCAOB of which 16 issue reports. China has blocked the PCAOB from inspecting Hong Kong firms to the extent that the audit relates to mainland clients.
The PCAOB faces a December 31 deadline to complete inspection of foreign accounting firms. It will miss that deadline and will need to extend it. The deadline was extended once before, from December 31, 2009 to December 31, 2012. PCOAB and Chinese officials need to make significant progress in discussions to justify a further extension of the deadline.