The British Virgin Islands-based Pansoft Company Limited dismissed MSCM LLP as the company’s independent registered public accounting firm. The decision was approved by the Audit Committee of the Board of Directors of the BVI company.
Pansoft Company Limited announced that the reports of MSCM on the financial statements of the BVI company for the years ended December 31, 2008 and 2007 contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principle. Also, concerning its audits of the years 2008 and 2007, there were no disagreements with MSCM on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
The BVI company also announced that it engaged GC Alliance Limited as its independent registered public accounting firm. The change was approved by the audit committee and Board of Directors of Pansoft Limited.
Also, on April 23, 2008 the Compensation Committee of the Board of Directors of the BVI company determined to grant certain one-time cash bonuses to its Chairman Hugh Wang, and the Interim Chief Financial Officer Allen Zhang. These bonuses are part of the cash prize of $160,986 awarded to the company by the government of China for its successful listing in an overseas stock exchange.