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Auditors quit Chinese company's account

Published by Steve Coleman on January 06, 2012

Auditors looking into accusations that a Chinese logging company has been overvaluing its operations have resigned.

China Forestry Holdings Co. will be looking for a new accounting firm after KPMG LLC resigned citing valuation concerns.

The accounting firm said the company needs to verify the ownership and worth of its plantations and log inventories. The company is also waiting for results from a look into questions it raised last year about China Forestry's books.

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