Mongolia Energy announces a change of auditors, and a HK firm reaches the parts that PricewaterhouseCoopers cannot reach.

Your auditor in Mongolia
30 November 2007

Mongolia Energy Corp Ltd (MEC, 0276) announced on 29-Nov-07 that PricewaterhouseCoopers (PwC) have resigned as auditors "as they do not have an office in Mongolia to render appropriate professionals for performing MEC's audits in Mongolia".

Instead, MEC's board proposes (subject to shareholders' approval) to appoint Hong Kong firm CCIF CPA Limited (CCIF) as auditors. That begs an obvious question not answered in the announcement: does CCIF have an office in Mongolia? According to its web site, it has offices in Hong Kong and Shenzhen, but there's no mention of anything in Mongolia (or anywhere close). If not, then how is it that they are able to do the job but PwC was not? Shareholders should be told.

©, 2007

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