China Shanshui auditor KPMG resigns amid concerns about objectivity

By Caroline Salls

Pittsburgh, July 20 – China Shanshui Cement Group Ltd. announced Friday that KPMG resigned as its auditor, effective July 17.

According to a company news release, the auditor said it was resigning because of issues related to the group’s financial records, communications between KPMG and the company’s former board and audit committee, the status of an incomplete audit for the year ended Dec. 31, 2017 and recent letters to KPMG from China Shanshui’s former management.

As a result, KPMG said there were “constraints on its ability to maintain objectivity.”

The company said its board is investigating the issues raised by KPMG and will take appropriate actions, including the appointment of a new auditor.

Trading in China Shanshui’s shares and debt securities will remain suspended until further notice, the release said.

China Shanshui is a cement manufacturing company based in Jinan, China.

© 2015 Prospect News.
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