The 'Nine Modules' Internal Control Management Has Commenced
HARBIN, China, April 20 /Xinhua-PRNewswire-FirstCall/ -- Under the leadership of Su Zhonghao, chairman and general manager of Harbin Changfangyuan High-tech Environment-friendly Industrial Co., Ltd. ("Changfangyuan") (OTC Bulletin Board: UBDT), which is leading the US capital market with its environmental protection concept stock, kept the future in view and held a general meeting on the 19th of April. Conforming to the internal control management system required by the Sarbanes-Oxley Act, the management committee of Changfangyuan was established by way of democratic policy-making. Members of the first management system were elected according to the Management Committee Article. Thus, Changfangyuan formally starts its "nine modules" internal control management, including budget system, organizational system, and so on. Changfangyuan is no longer limited to the traditional management model, and has established and perfected a new internal control management system with distinct Changfangyuan characteristics.
As a standing body of Changfangyuan, the management committee functions properly in environmental control, risk assessment, activity control, information and communication, and supervision according to the internal control management system required by the Sarbanes-Oxley Act. The committee also represents the board of Changfangyuan in fulfilling their duties of supervision, review and ratification of the Company’s operations plans, annual financial budget plan, final account plan, establishment of internal administrative institutions of the Company, management system, post duties, and workflow within the scope of the authority’s power.
The "nine modules" internal control management system initiated by Changfangyuan can effectively improve the Company’s management efficiency, ensure the enterprise will abide by the laws and regulations, guarantee the accuracy and safety of its financial statement and property, and forewarn of foreseeable risks. The Company also formulates targets for effective controls and acceptable-risk controls against certain risks in order to form a complete internal control management system, liability system, operation mechanism and supervision mechanism.
About Changfangyuan
Harbin Changfangyuan High-tech Environment-friendly Industrial Co., Ltd is a high-tech enterprise, a listed Company on the US OTC Bulletin Board.
Established in Sep, 2006 and with a registered capital of 128,274,900 RMB Yuan, Harbin Changfangyuan High-tech Environment-friendly Industrial Co., Ltd is now a US-funded enterprise, whose predecessor is Harbin High-tech Industrial Co., Ltd.
So far, the Company has owned two participating companies, several subsidiary companies, domestic and overseas offices, and a production base. With the total staff numbering more than 300, we have developed into a large-scale environment-friendly industrial company, ranking first in the same industry.
Changfangyuan is engaged in the research and development, as well as the manufacturing and marketing of starch-based environmental protection packaging materials. Our products have been listed into national patents. Among many domestic enterprises and sharp competition, our company is the only Chinese environment-friendly food packaging material production enterprise to be granted the South Korean environmental certificate as well as the Food Safety Management System Certification. Our company has obtained the US FDA certificate, ISO14001 Environmental Management System Certification, ISO 9001 quality management system certification, Environmental Management System Certification, and Quality Management System Certification; in addition, we have been granted the title of the member unit of China Environmental Protection Federation, National Quality Trustworthy Unit, qualified unit of State Quality Supervision and Inspection, group member of Harbin Environmental Protection Volunteer Federation, National High-quality Trustworthy Brand, group member of China Packaging Federation, Advocating Green Civilization unit, and our company is also an Honorary unit as awarded by Harbin Aid & Support Center of Orphan and Needy Children.
For further information, please refer to http://www.chfy.com.cn .
