Tibet Pharmaceuticals Inc announced the search for a new auditor as it learned that its independent certifying accountant, Acquavella, Chiarelli, Shuster, Berkower & Co., LLP (ACSB), resigned as Tibet Pharmaceuticals' independent registered public accounting firm. The resignation was not due to any disagreement with the company or any concerns about the company's financials, instead, it was in relation to ACSB pulling out of China. Because ACSB resigned, neither Tibet Pharmaceuticals' audit committee nor the board of directors recommended or approved the action. Instead, they learned of ACSB's resignation through a letter dated September 6, 2011.
 

Source:reuters