Audit of China Unicom found improper procedures

China Unicom (Hong Kong; CHU.NYSE, 600050.NYSE, 0762.HK), the country’s second-largest mobile phone operator, said Friday that a national audit of the company conducted last year found improper accounting practices and other inadequacies in certain transactions, Dow Jones reported. The company said in a statement that some of the issues uncovered by the National Audit Office involved misallocation of expenses between companies in the China Unicom Group and the issuance of improper invoices by marketing and distribution service providers. It added that the problems have been dealt with and “these issues have no material impact on the company’s operating results, financial statements, audit opinion and internal control assessments.”