Ministry of Finance: Eight companies including Foshan Lighting have “internal control major defects”

A few days ago, the official website of the Ministry of Finance released an analysis report on the implementation of the internal control system of enterprises in China in 2012. Among the 2,244 disclosure companies, eight listed companies have major flaws in internal control, and Foshan Lighting is on the black list.

In the past five years, the regulatory authorities have been increasingly monitoring the internal control of enterprises. From 2008 to 2012, the number of listed companies that disclosed internal control evaluation reports increased from 1,076 to 2,244, showing a relatively large upward trend. The reason why Foshan Lighting was listed on the black list was influenced by the previous related transactions.

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