Prior to its resignation, Windes raised the following issues (some of which may be considered to be

Universal Travel Group has lost its auditor - a small firm Windes hotels in pattaya thailand and McClaughrey . Windes looks reputable - a cursory look through the SEC database as to companies they have audited hotels in pattaya thailand turns up nothing hotels in pattaya thailand untoward.
So I was surprised when they accepted the audit assignment. hotels in pattaya thailand After all my views about Universal Travel are well known . I even asked how we would test whether the $43 million stated cash balance at NYSE:UTA was really there.
The following hotels in pattaya thailand reportable disagreements occurred within the period from Windes' engagement through the date of its resignation, which if not resolved to the satisfaction of Windes, would have caused it to make a reference hotels in pattaya thailand to the subject matter of the disagreements in connection hotels in pattaya thailand with its report. Windes had informed the Company in its resignation letter hotels in pattaya thailand that it was no longer able to complete the audit process. Windes stated this was due in part to Management and/or the Audit Committee being non-responsive, unwilling or reluctant to proceed in good faith and imposing scope limitations on Windes' audit procedures . Windes also stated that Windes had lost confidence in the Board of Directors' and the Audit Committee's commitment to sound corporate governance and reliable financial reporting.
Prior to its resignation, Windes raised the following issues (some of which may be considered to be disagreements) encountered during the audit, including issues related to the authenticity of confirmations, a loss of confidence in confirmation procedures hotels in pattaya thailand carried out under circumstances which Windes believed to be suspicious; issues concerning the lack of evidence of certain tour package hotels in pattaya thailand contracts and related cash payments. So the auditor wanted to check balances (presumably though I am guessing - cash balances) and considered the procedures hotels in pattaya thailand the company wanted to use to confirm the balances "suspicious". Moreover management were unwilling or reluctant to proceed in good faith and imposed limits on what Windes can do.
Universal Travel is going through the circus of finding another auditor - their sixth . You could see through this company from a couch in Bronte or from a desk at the NYSE or any SEC office. Everything that I did to demonstrate problems hotels in pattaya thailand with this company could be done without visiting China - and yet the stock was never suspended, kicked to the Pink Sheets or anything else. Nah - the NYSE kept collecting listing fees.
As they would say Stateside, kicking ass and taking names ... As I would say, jolly good show, well done ... By my count 3 for 3 in the last couple of weeks; an amazing hit rate. However, as for The NYSE it seems has no concern hotels in pattaya thailand for its reputation , I am not sure I follow. hotels in pattaya thailand Are you saying that companies WON T list on the NYSE because they won t kick you onto the pink sheets despite egregious corporate governance behaviour??? Surely the opposite. NYSE is demonstrating that they will give the company the benefit of the doubt until the evidence is overwhelming. Potential listing companies must LOVE that! The only possible downside is to potential investors, to which caveat emptor is the perennial get out of jail free card.
John, what is wrong with handling out prospectus at shopping malls? BTW, the reputable audit firms have wised up and are confirming cash balance with bank HQ instead of bank branch office. Also, HKex is just as corrupt as SGX, yet you didn t tear into HKex, any particular reason?
Hong Kong is bad - but not as bad at SGX. Its at least got some easily identifiable reasonable Chinese listings. But hey - we might be talking minor distinctions here. When Jim Chanos said that he did not need to go to China - because he had not been to Enron either it was obvious enough what he meant. J
Just a quick note, based on an itch from my auditing days, the confirmation procedures might have been related to testing for Accounts receivable, payables, or debt, in addition to cash. ....i dont know what all was there, as i ve never looked at any of their FS.
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