China MediaExpress Holdings, Inc. (fka CCME)

[martych]

As much as I'd like to agree, I side with professor Gillis on this one. If Deloitte needs to delay to cover every possible base they will. It all depends on how much work was one prior to the MW piece and how much staff they were able to conjure up in there offices in PRC to do the grunt work.

http://www.chinaaccountingblog.com/schooling-the-auditors.html

"Deloitte should be currently engaged in the audit of the calendar year 2010 numbers for CCME which should be reported in the near future. After the cajoling by Deloittewatch.com, I think we can expect that there will be few stones unturned in this audit. I am confident that Deloitte will not sign unless they are comfortable with all of the issues raised by investors.

I have spoken to some Big Four partners this week who are saying they plan to test large balances by actually sending someone to the bank to look at the balance on the computer screen. That helps, but it does not necessarily disclose whether the balance was pledged as collateral for a loan.