LAIYANG, China, Jan. 13 /PRNewswire-Asia-FirstCall/ -- Genesis Pharmaceuticals Enterprises, Inc. (OTC Bulletin Board: GNPH) ("Genesis" or the "Company"), a U.S. pharmaceutical company with its principal operations in the People's Republic of China, today announced that it engaged KPMG Huazhen ("KPMG"), a member firm of the KPMG network of independent member firms affiliated with KPMG International, to assist the Company in complying with the financial reporting and control requirements of Sarbanes-Oxley Act Section 404 ("SOX 404").
KPMG will work closely with Genesis' management to help prepare a SOX 404 compliance program by sharing with Genesis' management its knowledge about how other firms comply with SOX 404 requirements on an ongoing basis. As part of compliance with SOX 404, Genesis and its external auditor will examine and report on the adequacy of the Company's internal financial reporting and control systems after documenting and testing financial reporting and control procedures. Genesis' SOX 404 compliance program will address how management's decision making is linked to financial reporting risks.
"We are pleased to engage KPMG for this important undertaking, part of our efforts to ensure that Genesis is in full compliance with the requirements of SOX 404," said Mr. Wubo Cao, Chief Executive Officer of Genesis. "We hope that our efforts increase shareholders' confidence in our financial reporting standards and commitment to upgrade to a senior stock exchange."
About Genesis Pharmaceuticals Enterprises, Inc.
Genesis Pharmaceuticals Enterprises, Inc. is a U.S. public company engaged
in the research, development, production, marketing and sales of
pharmaceutical products in the People's Republic of China. Its operations are
located in Northeast China in an Economic Development Zone in Laiyang City,
Shandong province. Genesis is a major pharmaceutical company in
|SOURCE Genesis Pharmaceuticals Enterprises, Inc.|
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