Tianyin Pharmaceutical Reports Auditor Change [Professional Services Close - Up]
(Professional Services Close - Up Via Acquire Media NewsEdge) Tianyin Pharmaceutical Co. announced that as of Oct. 8, the Audit Committee and the Board of Directors of TPI both unanimously approved the termination of the Company's independent auditor, Patrizio and Zhao, due to the fact that P&Z agreed to a cease-and- desist order and prohibition from practicing before the Securities and Exchange Commission on Sept. 30, with the right to apply for reinstatement after three years.
In a release dated Oct. 15, the Company said from Jan. 25, 2008 when P&Z was engaged, through the termination of the engagement with P&Z on Oct. 8, there were no: (1) disagreements with P&Z on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to their satisfaction, would have caused them to make reference in connection with their opinion to the subject matter of the disagreements, or (2) reportable events.
The audit reports of P&Z on the consolidated financial statements of the Company as of and for the two most recent fiscal years ended June 30, and 2012 and in the subsequent interim periods did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.
Since P&Z is barred from practicing before the SEC, financial statements for a period previously audited by P&Z and required to be included in a filing made by the Company after Sept. 30, will have to be re-audited by a firm that is registered with the PCAOB.
Currently, the Company is evaluating options to appoint a new independent registered public accounting firm to replace P&Z.
Tianyin Pharmaceutical is a pharmaceutical company that specializes in the development, manufacturing, marketing and sales of patented biopharmaceutical, mTCM, branded generics and API.
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