Turns out that KPMG, those accounting mavens, took on the challenge of valuing the millions of acres of trees that made up China Forestry's assets. If an auditor falls in the forest, does it make a sound?
In this case, the sound was probably an embarrassed throat clearing. Turns out that KPMG who certified the 2009 IPO figures for China Forest has just resigned the account, citing questions about the firm’s ownership and valuation of plantations.
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e Wall Street Journal concludes, "Taken together with the ongoing problems at China Forestry’s rival, Sino Forest, this latest development might have investors wondering whether there are, in fact, any trees in China at all."
