SORL Auto Parts Announces Its Public Accounting Firm Is Withdrawing From Auditing Chinese Companies
ZHEJIANG, China--July 8, 2013: SORL Auto Parts, Inc. ("SORL" or "the Company"), a leading manufacturer and distributor of automotive brake systems as well as other key safety-related auto parts in China, today announced that EFP Rotenberg, LLP ("EFP") has resigned as its independent registered accounting firm with effect as of July 1, 2013.
EFP has communicated to SORL that the reason for the resignation is that it is withdrawing from its Chinese auditing practice.
For the years ended December 31, 2011 and 2012, EFP's reports on SORL's financial statements did not contain any adverse opinions, disclaimers, or modifications. For the years ended December 31, 2011 and 2012 and the subsequent interim period through July 1, 2013, there were no disagreements in regard to accounting principles or practices, financial statement disclosure, or auditing scope or procedure, and there were no "reportable events" as described in Item 304(a)(1)(v) of Regulation S-K, between SORL and EFP.
SORL is in the process of engaging a new principal independent registered public accounting firm that is experienced with Chinese companies to ensure the integrity and quality of our accounting processes and financial statements.