If a Tree Falls in the Forest, Can You Prove You Own It? - an Instructional Audit Case
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Résumé
ABSTRACTSino-Forest, a Chinese forestry company that trades on the Toronto Stock Exchange, came under fire in the summer of 2011 under allegations that it had improperly inflated its reported revenue and the extent of its timber holdings. After a June 2011 report from a one-person research firm (Muddy Waters, LLC) called these and other items into question, subsequent investigation and information led to a collapse in the firm's share price and the suspension of trading in the firm by the Ontario Securities Commission. The company's market capitalization lost two -thirds of its value in three days. In August 2011, the company's chairman and chief executive resigned, and three other employees were suspended. Moody's Investor Services identified several 'red flags' associated with Sino-Forest. Standard & Poor's Ratings Service initially downgraded its rating of Sino-Forest's debt before withdrawing its rating entirely. John Paulson, one of the company's largest shareholders (14% of total shares outstanding) is estimated to have lost over $500 million on his investment in Sino-Forest. The company's auditors, Ernst and Young, declined comment, but the Big 4 firms have aggressively pursued business in China in recent years. This instructional case provides a timeline of the events involving Sino-Forest, as well as of issues with other Chinese firms and the audit environment in China in general. It requires students to answer questions involving short selling of securities and of security price valuation, international accounting and auditing issues, and the impact and limitations of securities regulation.INTRODUCTIONOn December 12, 2011, Sino-Forest Corporation issued a press release stating, is no assurance that the company will be able to release the Q3 results or, if able, as to when such release will occur. For the same reasons, there is no assurance that the company will be able to release audited financial statements for its 2011 fiscal year... the circumstances that could cause the Company to be unable to release the Q3 Results could impact the Company's historic financial statements. For this reason, the company cautions that the Company's historic financial statements and related audit reports should not be relied upon. (Sino-Forest Corporation, 2011).With this statement, the future of this seemingly profitable company, with a market cap that once exceeded $4.8 billion, appears to be in serious doubt. Trading in the shares of the company has been halted since August 2011 following the release of a market research report claiming the company has committed fraud for a period of years and consistently overstated its investments in forestry located in China (http://www.muddvwatersresearch.com/research/tre/initiating-coveragetretoA.How could this fraud have taken place? Why didn't the auditors, Emst & Young, discover the fraud earlier? Is this fraud at all related to the business climate for companies attempting to conduct business in China? Investors need to know the answers to these and other questions.THE CASEThe CompanySino-Forest Corporation (SF) is a leading commercial forest plantation operating in China. Its principal businesses include the ownership and management of tree plantations, the sale of standing timber and wood logs, and the complementary manufacturing of downstream engineered-wood products. Company shares have been traded on the Toronto Stock Exchange under the symbol TRE since 1995.Regarding the core business of tree plantations, SF acquires, cultivates, and sells trees in nine provinces under two types of plantation models:* Purchased plantations - mature forest areas are acquired and sold. After harvesting, SF has the right to lease the underlying land and replant with the company's seedlings that are adaptable to the region. The plantation then becomes classified as planted plantation.* Planted plantations - SF leases land for 30-50 years and continuously plant seedlings adaptable to the region. …
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Imitation des enseignantsNi prévalence calibrée, ni vérité terrain. Validation humaine à venir. Apprise à partir de 10 348 étiquettes directes de Codex et de 10 348 étiquettes directes de Gemma. Le mode candidate est l'union des têtes enseignantes seuillées; le consensus est leur intersection. Ces sorties portent le statut machine_predicted_unvalidated et ne sont ni des étiquettes humaines ni des étiquettes directes de modèles de pointe.
Scores Codex et Gemma par catégorie
| Catégorie | Codex | Gemma |
|---|---|---|
| Métarecherche | 0,001 | 0,000 |
| Méta-épidémiologie (sens strict) | 0,000 | 0,000 |
| Méta-épidémiologie (sens large) | 0,000 | 0,000 |
| Bibliométrie | 0,000 | 0,001 |
| Études des sciences et des technologies | 0,000 | 0,000 |
| Communication savante | 0,001 | 0,003 |
| Science ouverte | 0,000 | 0,000 |
| Intégrité de la recherche | 0,000 | 0,000 |
| Charge utile insuffisante (le modèle a refusé de juger) | 0,000 | 0,000 |
Scores machine (provisoires)
Les deux têtes enseignantes du modèle étudiant, lues sur ce travail. Un score ordonne la base pour la relecture; il n'affirme jamais une catégorie, et le statut de validation accompagne chaque rangée tel quel.
Scores de référence d'un modèle non mature (critères de maturité non atteints, 7 itérations). Un score ordonne; il n'affirme jamais une catégorie.
score_only:v0-immature-baseline · tel quel depuis la passe de notation : score_only signifie que le nombre peut ordonner les travaux, et qu'aucune étiquette de catégorie n'en découle