Mogu Inc. Cites Material Weaknesses in Internal Financial Controls
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Mogu Inc., a KOL-driven online fashion company in China, has changed its auditor from PricewaterhouseCoopers to Marcum Asia CPAs. The company reported material weaknesses in its internal financial controls, citing insufficient personnel with U.S. GAAP expertise, inadequate account reconciliation controls, and lack of periodic reviews of high-risk activities. These issues were discussed with the audit committee and the former auditor.
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