Monday, March 02, 2020 9:56:39 AM
Remember who the auditors are?
"Honest auditors? Failure to perform sufficient work over related party transactions. Isn't WEYL's $50M of rev all related party in nature?
Centurion ZD CPA Limited is listed as the auditor. See below.
https://www.cfoinnovation.com/accounting-compliance/hong-kong-finally-acts-against-us-sanctioned-accounting-firm-three
"Barred in the US
On May 16 last year, the PCAOB ruled that the four parties violated its rules and standards as well as those of the US Securities Act in relation to the 2010-2012 financial audit of US-listed firm Kandi Technologies Group. AWC was the company’s external auditor. Wong Chi Wai was engagement director and Chung Mun Leung engagement quality reviewer, while Wong Fei Cheung was director of audit.
The parties settled the case with the PCAOB without admitting or denying the findings, which included failures in identifying related-party transactions, preparing sufficient and appropriate audit documentation, and identifying an independence violation. AWC was fined US$10,000 and had its US registration revoked, with a right to reapply after two years. Wong Chi Wai was also fined US$10,000 and barred from being an associated person in the US, with the right to request lifting the bar after two years.""
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