Management has concluded that the Company did not maintain effective control over financial reporting as of December 31, 2009 due to pervasive control deficiencies and material weaknesses. The existence of pervasive control deficiencies and material weaknesses impair the effectiveness of other controls by rendering their design ineffective or by keeping them from operating effectively. As stated in management\\\\\\\'s report, the pervasive deficiencies identified include both entity level and financial closing and reporting processes and consisted of inadequate controls with respect to (1) communication of appropriate business practices and standards, (2) assessment of business risk and risks related to financial reporting, (3) written policies and procedures, (4) monitoring of internal controls and, (5) the financial reporting process and the underlying accounting processes.
In our opinion, because of the effect of the material weaknesses described above on the achievement of the objectives of the control criteria, A-Power Energy Generation Systems, Ltd. has not maintained effective internal control over financial reporting as of December 31, 2009. (MSCM LLP)
This company is overdue with their latest quarterly or annual report! The Trading China Rating is suspended until the company is back in compliance with SEC filing rules.
This company has reported corporate governance issues. You may want to look further into possible issues before making an investment decision.