Audit Firm In Malaysia
ShengdaTech Provides an Update and Announces Receipt of NASDAQ Notice
, Today confirmed that it is continuing to conduct business operations while the Company is appealing the delisting determination issued by the Listing Qualifications Department of The NASDAQ Stock Market LLC ("Nasdaq"). The appeal has temporarily stayed the delisting action pending a hearing on the matter. The Company recently submitted a new compliance plan to Nasdaq in preparation for a hearing scheduled for whereby the Company will present its appeal of the Nasdaq's delisting determination. There can be no assurance that the Company's appeal for continued listing will be granted, or even if it is granted that the Company will be able to execute upon such request in a timely manner or to the satisfaction of Nasdaq. In the event the Nasdaq affirms the delisting determination, the Company's securities will be subject to imminent delisting from Nasdaq and will be quoted for trading in over-the-counter securities markets.On with the Securities Exchange Commission and Nasdaq serves as an additional basis for delisting the Company's securities from The Nasdaq Stock Market under Nasdaq Listing Rule 5810(b). The Company intends to address this matter pursuant to Nasdaq Listing Rule 5810(d) at the appeals hearing.
Additionally, as previously reported, the special committee, consisting of three independent members of the Board of Directors, is executing upon its mandate to conduct an internal investigation into serious discrepancies and unexplained issues relating to the Company and its subsidiaries' financial records identified by KPMG, the Company's former independent registered public accounting firm, in the course of their audit of the consolidated financial statements for the fiscal year ended . The Company has started to implement the cash control and validation plan established by the special committee, which requires the transfer of control over the Company's cash assets by consolidating cash into accounts over which the audit committee would have authority.
The Company is in the process of evaluating potential independent registered public accounting firms to replace KPMG and intends to become compliant with its reporting obligations as soon as practicable.
About ShengdaTech, Inc.
ShengdaTech is engaged in the business of manufacturing, marketing, and selling nano-precipitated calcium carbonate ("NPCC") products. The Company converts limestone into NPCC using its proprietary and patent-protected technology. NPCC products are increasingly used in tires, paper, paints, building materials, and other chemical products. In addition to its broad customer base in .
Audit Firm In Malaysia - News
The Company has started to implement the cash control and validation plan established by the special committee, which requires the transfer of control over the Company's cash assets by consolidating cash into accounts over which the audit committee
It said the operations were supported by the Malaysian Anti-Corruption Commission, Bank Negara Malaysia, National Audit Department, Companies Commission of Malaysia and Cyber Security Malaysia. "The entities were raided as there were strong and
The auditing firm said except for the potential adjustments, the financial statements had been properly drawn up in accordance with financial reporting standards and the Companies Act 1965 as of Dec 31, 2010. KPMG Malaysia said in a report that it was
the Malaysian Anti-Corruption Commission, Bank Negara, the Auditor-General's Department, Companies Commission of Malaysia and Cyber Security Malaysia. Besides the companies, the residences of 59 company directors as well as 32 audit firms across
A self-audit of our economy is very important at this time because it does appear quite clear that we are still not the author of any positive development that has come upon this country. When our foreign reserves improve, it is usually as a result of
Task force raids car importers, audit firms, individuals ...
A special task force comprising officers from the Inland Revenue Board (LHDN) and the Customs Department conducted a week-long nationwide blitz on 78 car importers to combat money-laundering and related crimes.
In the joint operation which began on May 5, the enforcement officers also raided the residences of 59 directors and 32 audit firms of the said companies.
In a statement here Wednesday, the Attorney-General’s Chambers said the main objectives of the raids were to identify and collect revenue in undeclared Customs duties and taxes due to the government.
It said the operations were supported by the Malaysian Anti-Corruption Commission, Bank Negara Malaysia, National Audit Department, Companies Commission of Malaysia and Cyber Security Malaysia.
“The entities were raided as there were strong and reasonable reasons to believe they are involved in under-declaration of customs duties, huge tax evasion, misuse of approved permits (APs), falsification of documents and money laundering activities, as well as corruption, which may have resulted in huge losses of revenue to the government.
“The task force will take stringent action against individuals and corporations, as these activities present significant threat to the nation’s economy and reputation,” it said.
According to the statement, the operations were conducted under the Income Tax Act 1967, Customs Act 1967, Malaysian Anti-Corruption Commission Act 2009 and Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA).
The task force had frozen more than 300 bank accounts related to the above entities under the AMLATFA to facilitate investigations, it added.
“On the freezing of bank accounts, it is normal cause of action and part of the investigation process.
“We do listen and appreciate the problems that may occur and it is with this in mind that we will react and release the accounts when genuine appeals are made in respect of the operational part of their business,” said the statement.
Audit Firm In Malaysia - Bookshelf
The Report: Malaysia 2008
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Malaysia Accounting Firm| Malaysia Audit & Tax Consulting Firm
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'Right-size' fees, audit firms told
Audit firms in Malaysia should price themselves better to match the risks they take on, ... Audit firms have often cited the relatively low fees here as a major ...