China Oil & Gas Group Strengthens Internal Controls

China Oil & Gas Group (HK:0603) has released an update.

China Oil & Gas Group is taking significant steps to bolster its internal control systems following a prior year adjustments incident. The company has engaged an international professional firm to assess and rectify deficiencies in key processes such as revenue recognition and financial statement preparation. Management is committed to implementing necessary changes and has initiated staff training to enhance compliance and financial reporting standards.

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