When accounting goes unaccounted for
Stephen Chipman also says that he misunderestimated the demand for his time. Who could have known?
• The over/under is $2 billion by 2015. Who has action on this?
• Is everyone clear on the “the dynamic organization space”?
• What do we think of Stephen sans spectacles?
• Merger and acquisition strategy? Who is GT going after? SC keeps it vague, per standard operating procedure. Accordingly, we welcome your rampant speculation.
Grant Thornton U.K. CEO Sacha Romanovitch isn’t very popular with a small group of partners […]
Chinese companies certainly have had their share of problems with financial reporting in the U.S. but I had no idea that it would come to this.
The Audit Committee of the Board of Directors of Weikang Bio-Technology Group Co., Inc. (OTC Markets: WKBT.PK – News) (“WKBT,” “Weikang” or the “Company”), a leading developer, manufacturer and marketer of Traditional Chinese Medicine (TCM), Western prescription and OTC pharmaceuticals and other health and nutritional products in the People’s Republic of China, today announced that Grant Thornton (“GT”), one of the world’s leading organizations of independently owned and managed accounting and consulting firms, has verified that the cash amounts listed on the Company’s SEC filings for 2010 and the first quarter of 2011 are consistent with account statements obtained from WKBT’s banks directly by GT.
“Given the recent change in auditors and my new chairmanship of the WKBT Audit Committee, we authorized the Grant Thornton review to take place last week, and are now releasing the results,” said Jeffery Chuang, independent director and Chairman of the Audit Committee of WKBT. “Weikang continues to advance as a U.S. publicly-traded company and we are committed to high standards in the thoroughness of our financial information,” said Mr. Chuang, a U.S. CPA who is based in Southern California.
Obviously this is completely harmless compared to, say, threatening to take auditors hostage but as far as giant wastes of time go, it’s right near the top.
Grant Thornton gets a bad rap around here, much of which is kinda justified to […]