Power-P gets SEC order
The Securities and Exchange Commission yesterday ordered Power-P, the construction firm, to revise its financial statements for the second and third quarters of last year, as well as for the full year.
According to the SEC's release, the financial statements must be made to conform to generally accepted accounting principles (GAAP) and resubmitted by July 9.The SEC said the income figure of Bt10.5 million in 2006 was not booked by the company according to GAAP. Power-P also did not allow its independent auditor to conduct special audits on some ambiguous transactions for the financial statements of 2004 and the first quarter of 2005. Income for those years was not in line with GAAP. All supporting documents have been kept at the office of Power-P's lawyer, which the auditor believes was intended by the company's management to limit its auditing work. The company failed to record its share of damage from the delay of a project of its joint venture in its financial statements for the second quarter of last year. Out of the total damage of Bt52.65 million, Bt25.8 million belonged to Power-P. This is not in line with GAAP. This item represents 45.6 per cent of Power-P's loss in the first six months of 2006.
|
