Audit watchdog overhaul not enough, says chief regulator 20 Mar Several current and former KPMG partners are facing contempt proceedings in Hong Kong High Court, as liquidators for a failed US-listed Chinese company step up their action against the auditor over its refusal to produce Chinese working papers. The contempt summons, seen by Reuters, names 91 individuals and was issued on November The writ highlights a long-running tussle between China, which is reluctant to hand over mainland documents, and overseas regulators that demand such papers — leaving auditors trapped between upsetting Beijing or facing offshore penalties when dealing with foreign-listed Chinese firms. But KPMG has refused to do so without written direction of the relevant Chinese authority, arguing that its mainland-based affiliate KPMG Huazhen, which carried out the China Medical audit field work, would be in violation of national security laws if the materials held state secrets or sensitive information, court documents and the writ show.
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But discussions do take place, at a high level, on accounting and reporting issues and problems which public entities may encounter.Sipsara Udana GCE Advanced Level Seminar Series was held at Moneragala, Bandarawela and Badulla under the guidance of Chief Minister of the Uva Province Hon Sashindra Rajapaksha.
This was organized by Uva Provincial Council during June – July University Professors and Lecturers from University of Sri Jayewardeneura, Peradeniya, Colombo and Ruhuna conducted seminars.
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The accounting firm has refused to hand over audit papers relating to China Medical Technologies despite a court order.