Reuters: Technology News: China Mobile beefs up supervision after audit finds accounting problems

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China Mobile beefs up supervision after audit finds accounting problems May 10th 2013, 05:08 Tweet Share this Email Print Analysis & Opinion Hong Kong dockers’ pay sets tone for future strife Radical career move: become a Chinese citizen A labourer works in front of a sign for China Mobile at the company's office in downtown Shanghai March 11, 2013. Credit: Reuters/Carlos Barria Fri May 10, 2013 1:08am EDT (Reuters) - China Mobile Ltd, the world's biggest mobile operator by subscribers, said its unlisted parent is beefing up its internal supervision after a government audit office highlighted problems in accounting practices and internal management. Over the past few years, several executives and former executives of group parent China Mobile Communications Corp have been investigated by Chinese authorities for graft, according to Chinese media reports. China Mobile did not respond to emails from Reuters on these reports. In the report by the National Audit Office issued on Friday, the government said they went through the group parent's 2011 results and identified problems that included inflated sales and unaccountable receipts. "The board of directors and senior management of the company have attached great importance to the problems regarding the group identified in the audit, drawn up and proactively executed detailed rectification measures and plans," China Mobile Ltd said in a statement on the Hong Kong stock exchange. "At present, except for a particular matter that has not yet been executed pending approval by regulatory authorities, the rest of the problems identified in this audit have already been rectified and the relevant responsible persons have been dealt with in a serious manner." The carrier did not specify what the particular matter was. China Mobile Ltd said the problems in the audit would not have any material impact on its overall operating results and financial statements. The announcement came during the lunch break of Hong Kong markets. China Mobile Ltd's shares traded 0.12 percent higher before the break, outperforming the Hang Seng Index's 0.16 percent fall. (Reporting by Lee Chyen Yee; Editing by Matt Driskill) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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