Gome Hires Ernst & Young For Financial Audit In China

News Source: ChinaTechNews.com

Hoping to bolster investor and supplier confidence, Chinese electronics retail giant Gome has hired the Ernst & Young Hong Kong office as an independent external accounting division to check Gome's financial conditions as of November 30, 2008.

The nes come from local media sources, which report this is another measure taken by Gome to ease the effect of the investigation related to its chairman Huang Guangyu on the company since it appointed Chen Xiao as its acting chairman on November 27, 2008. Huang has been accused by Chinese authorities of various "economic crimes" related to sales of securities in his brother's business.

Gome has also invited Ernst & Young Consulting to evaluate the relevant transaction records as well as the internal control system and the risk management system of Gome. The auditing and evaluation results will...

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