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CPSL > SEC Filings for CPSL > Form 8-K on 4-Nov-2013All Recent SEC Filings

Show all filings for CHINA PRECISION STEEL, INC.

Form 8-K for CHINA PRECISION STEEL, INC.


4-Nov-2013

Changes in Registrant's Certifying Accountant


Item 4.01 Changes in Registrant's Certifying Accountant.

"(a) Resignation of Independent Registered Public Accounting Firm

On October 31, 2013, China Precision Steel, Inc. ("CPSL") received a letter from Moore Stephens Hong Kong ("Moore Stephens") informing CPSL that, effective from October 31, 2013, Moore Stephens will resign as the independent accountant for CPSL.

Moore Stephens' report on the financial statements for the fiscal years ended June 30, 2013 and 2012, contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principle, other than for a going concernemphasis-of-matter paragraph in its report on our June 30, 2013 consolidated financial statements.

During the fiscal the years ended June 30, 2013 and 2012, and in the subsequent interim period through October 31, 2013, the date of resignation of Moore Stephens, there were no disagreements with Moore Stephens on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Moore Stephens, would have caused them to make reference to the subject matter of the disagreements in its reports on the financial statements for such year. During the fiscal years ended June 30, 2013 and 2012, and in the subsequent interim period through October 31, 2013, the date of resignation of Moore Stephens, there were no reportable events as defined in Item 304(a)(1)(v) of Regulation S-K.

We have provided a copy of the above disclosures to Moore Stephens and requested Moore Stephens to provide us with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not Moore Stephens agrees with the above disclosures. A copy of such letter is attached hereto as Exhibit 16.1.

(b) New Independent Registered Public Accounting Firm

Effective on October 31, 2013, CPSL, upon the recommendation of the Audit Committee of the Board of Directors, engaged MSPC Certified Public Accountants and Advisors, A Professional Corporation ("MSPC"), as the Company's new independent registered public accounting firm. MSPC and Moore Stephens are both independent members of Moore Stephens International.

During the fiscal years ended June 30, 2013 and 2012, and the subsequent interim period prior to the engagement of MSPC, the Company has not consulted MSPC regarding (i) the application of accounting principles to any specified transaction, either completed or proposed; (ii) the type of audit opinion that might be rendered on the Company's financial statements, and either a written report was provided to the registrant or oral advice was provided that the new accountant concluded was an important factor considered by the registrant in reaching a decision as to the accounting, auditing or financial reporting issue; or (iii) any matter that was either the subject of a disagreement (as defined in Item 304(o)(1)(iv)) or a reportable event (as defined in Item 304(a)(1)(v)).

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