S chips – Any (major) audit issues?

 
I believe most readers are increasingly worried on the recent spate of audit issues encompassing the S chips such as China Gaoxian, Hong wei, Hongxing etc. I have contacted some of the S chips companies' management / Investor Relations regarding whether the auditors have signed off the financials.
Examples of such companies which I have checked are the following:
 
Eratat Lifestyle - Likely to be signed in the next 2-3 wks. No major issues flagged out by auditors.

Fuxing - Likely to be signed in the next few weeks. No major issues flagged out by auditors.
 
Hu An - Auditors have already signed off. Audited annual report already uploaded onto SGX Masnet.
 
For other companies, please take a look at my remisier blog ernestlim15.blogspot.com
 
* Do note that this is done on a best effort basis and based on management / IR representation. If companies’ management deliberately sought to deceive, there is no 100% way in finding out.
 
 
 

Thank you for the info. Let's hope the S-chips have learnt their lesson hard and realise it's a massive blowup for their business + reputation if they are engage in questionable practices.
What's the point of it all when management loses everything?

Probably have to find out who are the auditors as well.....whether the accounting firms are reputatble.....

China Hongxing, suspended, but maybe it's problems are not so major. Market talk is the thing is going to be resolved. Heng ah, if true.

@Dele - Dont think you need to worry about audit problems of those S-Chips with financial year ending Dec 2011 as their external auditors have already signed off their 2010 accounts. The quarterly reports do not need external auditors to sign off, hence should be ok. But start to worry in Feb 2012 as the external auditors come into the picture again. Hopefully most of the bad S-chips will be weeded out by next year. SGX should only list quality large cap S-Chips in future (like HK Exchange)as many would still like to buy them for long term because of China's huge growth potential.

Sorry Dele, typo error. I mean "Dont think we need to worry ---- ".