Amber education independent Audit Agency and legal advisor both resigned

Sina Science and technology news Beijing time of March 22, Amber Education (NYSE:AMBO) announced today that PricewaterhouseCoopers, PwC (hereinafter referred to as "PricewaterhouseCoopers") has resigned from the audit committee of the company's independent audit body, while Fenwick & West　　The LLP also resigned as legal advisor to the Audit committee of the company.　　The allegations and other issues were subsequently investigated by the Education Audit Committee of the former employee, in July 2012, when an allegation was made against the financial misconduct and wrongfulness of the acquisition of a training school by the Amber Education in 2008.　　In a letter today, PwC wrote that, fearing that the investigation would not have the necessary resources and time to support it, and that the involvement of the existing management could not guarantee the scope of the investigation, it decided to resign from the independent audit body of the Amber Education Audit Committee. PwC also said that the investigation is still underway and that no conclusions have been drawn, but that the final results of the investigation and the measures taken by the amber education may lead PwC to conclude that the financial data and its assessment before education is no longer credible,　　PwC may also no longer believe in the internal controls or management statements of the Amber education.　　But PwC further noted that it had no disagreement with the amber Education management on accounting standards and practices, disclosure of financial statements, and scope or procedures of audits. Fenwick & West subsequently resigned as legal advisor to the Amber Education audit committee and said it believed the new audit Committee would do its best to select a new law firm to assist the Commission's investigation; meanwhile, Fenwick & West will provide new legal advisers with all the information gathered so far and work hard to ensure a smooth transition. Sail)