The decision to change auditors was unanimously approved by all the directors of the Company, including all the members of the Company's Audit Committee, on April 29, 2012.
During the fiscal years ended December 31, 2010 and 2011 and through April 29, 2012, JinkoSolar and PwC did not have any disagreements on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused PwC to make reference to the subject matter of the disagreements in its reports on JinkoSolar's consolidated financial statements.
During the years ended December 31, 2010 and 2011 and through April 29, 2012, there were also no "reportable events" requiring disclosure pursuant to Item 16F(a)(1)(v) of Form 20-F, except that as of December 31, 2010, the Company did not maintain effective internal control over financial reporting due to the material weaknesses identified, including: (1) the lack of resources with appropriate accounting knowledge and experience to prepare and review financial statements and related disclosures in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and (2) inadequate review procedures, including appropriate levels of review in the design of period end reporting process that are consistently applied across the Company's entities, to identify inappropriate accounting treatment of transactions.
As of December 31, 2011, the Company's management determined that applicable controls were effectively designed and operated so as to enable the Company's management to conclude that the previously identified material weaknesses had been remediated and the Company's internal control over financial reporting was effective.
