China Power Equipment
(PublicWire.com News Release) China Power Equipment, Inc. (“China Power Equipment” or “the Company”, OTC: CPQQ), the manufacturer of a new generation of energy saving electric transformers and transformer cores in the People’s Republic of China, today announced that it has dismissed its principal independent accountant, Acquavella, Chiarelli, Shuster, Berkower & Co., LLP (“ACSB”). The decision to dismiss was approved by the Audit Committee of the Company’s Board of Directors on January 31, 2011.
On January 31, 2011, the Company engaged Mazars CPA Limited (“Mazars”) as its new principal independent accountants, effective immediately. The decision to engage Mazars as the Company’s principal independent accountants was approved by the Audit Committee of the Company’s Board of Directors on January 31, 2011. During the period from January 1, 2009 through December 31, 2010, and through the date of the Mazars’ engagement, the Company did not consult with Mazars regarding any of the matters or events set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K.
Mazars is a founding member of Praxity, a global alliance of independent firms. Praxity ranks among the top 10 of global accounting organizations in size and global billings.
The decision to change auditors was not the result of any disagreement between the Company and ACSB on any matter of accounting practices, financial statement disclosure, or auditing scope or procedure.
Mr. Yongxing (Henry) Song, Chairman and Chief Executive Officer of China Power, said, “In our selection process, which was very thorough and disciplined, we were especially impressed with Mazars’ depth in its due diligence process, its understanding of our business, and the excellence of its auditing as an international professional firm. For more than a decade, Mazars has built a strong presence in China and has a proven ability to bridge Chinese accounting and regulations with U.S. GAAP accounting and reporting.
“We look forward to benefiting from Mazars’ highly professional service and international experience. China Power Equipment is deeply committed to good transparency and the highest standards of corporate governance. We believe Mazars will provide great auditing to help us achieve our very high standards.”
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