China Taisan Technology (SES: F2X, Bloomberg: CTSAN): Auditor’s Emphasis of Matter on RMB604.8M Onerous Sales Contracts; Income Statement Impact = -RMB560.8M, Impairment Loss on Trade Receivables = RMB60.9M, Provision for Loss for Sales Contract = RMB165.6M

Posted by: Desmond LIN Liye and KB Kee

Related post: (1) China Environment: Auditor Emphasis of Matter raises more questions on potential accounting tunneling risk, (2) China Environment FY2014: Significant Deterioration in Receivables Collectability And No Provision for Impairment, (3) Open Letter to SGX/MAS: Reply to CFO of SGX-Listed China Environment (CENV SP) on report “Potential Accounting Tunneling Fraud at China Environment?” – Address the accounting and governance concerns in an SGX/MAS announcement, (4) Does Auditor Explanatory Language in Unqualified Audit Reports Indicate Increased Financial Misstatement Risk? “Emphasis of matter” language predicts restatements

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