General Steel Holdings Inc announced that its audit committee of the Board of Directors has appointed Friedman LLP as the company's independent registered public accounting firm. Friedman is replacing PricewaterhouseCoopers Zhong Tian CPAs Limited Company. The appointment of Mr Friedman is effective immediately.
The change in auditors was not due to any disagreement between the Company and PwC on any matter of accounting principles or practices financial statement disclosure or auditing scope or procedures.
The Company intends on remaining listed on the New York Stock Exchange which requires it meet the filing extension date for the Annual Report set by NYSE although the company is subject to ongoing assessment by NYSE. Therefore the audit committee after consultation with Mr Friedman determined that Mr Friedman provides the best chance of completing the Annual Report audit by the extension date.
Mr Henry Yu chairman and chief executive officer of general steel said that "We have been proactively updating the US Securities and Exchange Commission and the NYSE on the current status of the Company's filings as well as with our plans to change auditors."
Mr Friedman will begin its audit of general steel's annual report as well as complete its review of the quarterly reports on form 10 Q for the quarters ended June 30th 2011 and September 30th 2011. Following the completion of these filings. General Steel will work with Friedman to file its 2012 Quarterly Reports on Form 10 Q with the SEC as soon as possible.
