Oh... auditors do get sued. I happened to read the motion to dismiss from ABAT's auditor last week. What a joke. Worst class action lawsuit in history when you hear the plaintiff talk about "red flags" that the auditor should have been aware of. Not only is there no evidence of fraud, but the auditor wasn't even auditing the firm in 2011 when the company was attacked by the shorts. LOL. Fun though, in some way, when you read a 50 page document where the auditor is having to defend themselves and the company. Only in America...
You don't think any of that will change until there is some form of regulatory cooperation between the two countries?
Can't wait to see how the Chinese Government dupes us on future cooperation, but I will keep the hope. This is the only partially logical statement you have made.
Now back to your ignorance:
You simply stated SAIC filings are not very reliable documents and I stand by that assessment.
Common Chad.. Open your eyes. SAIC filings are what busted PUDA and what we believe the regs will reference to realize that LLEN has some explaining to do. Deloitte referenced SAIC filings in the CCME case. Remember that one??? Do you even keep up with what is going on? Let's not forget about Ali Baba SAIC filings showing that management stole the company from Yahoo!
You asked: if independent audits can not be relied upon then what really is the point?
That is exactly the point. Most are still clueless and satisfied to hide behind disclosures. But there are a few auditors attempting to perform more DD.
Regarding class action suits against auditors. With their disclosures i am not sure this will happen unless it can be shown that they passed audits even when they were sent details about fraud. Some of these fraud cases only require that the auditor make a quick 10 minute call to a PRC government agency.
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