we’re down to the B3 now

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Looks like it’s BDOs time to shine

likefunnyuplifting

Who’s Nexia?? Literally never heard of this company before

And with EY spin-off.. big 2?

likeupliftingfunny

Wow Id love to start telling people I work in Big 2. Also KPMG EY post-merge needs to be called KEY cos they be unlocking values, synergies, and all other buzzwords

uplifting

They will just pay the fine and move on. Fine will be 25% of listed amount if that. Just like hedge fund insider trading, the fine is peanuts compared to what they bring in. If they can prove the company hid information from them, there is potential of exiting with a couple million dollar fine

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You can read the article if you just look it up via Google app. Lol apparently for stuff that happened forever ago:

“The liquidator of China Medical Technologies, which collapsed in 2012 and whose senior executives are wanted on fraud charges in the US, said the Big Four audit firm failed to ask “obvious” questions that would have “easily” exposed the fraud.

These included not questioning a large related-party transaction by the group in 2006, when it acquired a Chinese diagnostics business worth $155,000 for $176mn, according to the liquidator.

It is suing KPMG on the grounds that losses at China Medical “flowed from” its negligent audit work, which gave the company accounts a clean bill of health in 2007 and 2008, according to Monday’s hearing. It is asking for as much as $454mn to cover allegedly misappropriated cash and dividends that were paid out to shareholders while the company was operating under a negligent audit, plus interest of more than $376mn.

KPMG has denied the allegations. Documents detailing its defence said the claims were “without merit . . . [and] fail to demonstrate a plausible link between KPMG’s alleged breaches and the losses”. It has filed a counterclaim that alleges that China Medical made “false representations” to its auditors.”

likeuplifting

if you think they are the only firm in China that operates this way you are mistaken, they just haven’t been caught yet. One of my good friends who is a partner in the China firm currently has about 50 audit clients, no way you can do a quality job with that many clients.

Like what the …. 50???

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likehelpful

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likefunny

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