Audit concerns highlighted at two more Carlyle firms in China
Auditing procedures and financial controls have been called into question at China Energy Recycling and Concord Medical Services, both of which are in The Carlyle Group’s China portfolio, Reuters reported. This comes after fraud investigations at China Forestry and China Agritech, which have also received investment from the private equity firm.
Ernst & Young's annual report on Concord Medical, released last month, concluded that the company has not maintained effective internal controls over its financial reporting because of a shortage of staff...
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