Often Partisan

BIH Change Auditors – Again

Birmingham International Holdings have announced to the HKSE that the current auditors KTC Partners have declined acceptance of the role as Auditors to BIHL for the financial year ending June 2015.

The announcement confirms that once KTC Partners took into account the professional risks of the audit, they have not accepted their appointment as confirmed at the AGM in January. The Receivers have moved to appoint Zhongshan ANDA CPA to fill in the role.

This is a strange one to me, bearing in mind KTC Partners only recently replaced JH CPA (who were implicated in the money that had been allegedly misappropriated) at the end of last year. To this layman it seems as if there are too many skeletons coming out of the closet, too much muck hitting the fan to be seen to be working on these accounts – and it makes me wonder just what has been found.

The other alternative is that pressure has been applied externally on KTC Partners not to get involved – something I really don’t want to think about, let alone speculate over.

Edit 16:30 BST 13/4

One thing that I have been reminded about is that KTC Partners were also involved in an internal control review (an announcement confirming their findings was published here in October 2013). It could be that they have a conflict of interest because of that – again, I don’t want to speculate too much but if “revealing” information has been found on the company that goes back to that date, then they would want to be well away from auditing the books.

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