China Tianrui Automotive Interiors Co., Ltd. (TR Interiors) has provided detailed disclosure on its December 2025 change of external auditor, confirming that the move was driven primarily by fee considerations and that audit scope and quality will remain intact.
KPMG, auditor in previous years, quoted an audit fee of RMB 2.10 million for the year ending 31 December 2025. Following a governance-driven cost-review in October 2025, the Board and Audit Committee deemed this quotation non-competitive relative to the Group’s current operational scale.
Ascenda Cachet CPA Limited subsequently offered to conduct the 2025 audit for HK$ 1.05 million (approximately RMB 0.97 million), a 53.8 % reduction versus KPMG’s bid. Discussions failed to narrow the gap; KPMG resigned effective 10 December 2025, and Ascenda Cachet was appointed on 12 December 2025 after professional clearance was obtained.
Audit Committee assessment • Governance and leadership: the engagement will be led by an engagement director with 40 years of experience, supported by a quality-control director, engagement manager and dedicated team. • Independence and ethics: Ascenda Cachet confirmed compliance with Hong Kong Standard on Quality Management 1 and provided written independence confirmations; no non-audit services exist. • Industry competence: senior team members are registered PIE auditors with extensive Hong Kong listed-company experience, including entities of similar size and profile. • Engagement performance: around 2,000 budgeted audit hours are allocated, with a risk-based approach mirroring prior-year scope. No reduction in key audit areas is planned. • Monitoring: Ascenda Cachet’s quality-management system aligns with HKSQM 1; the Audit Committee will maintain regular oversight and communication.
Operational context Management reported that business scale, structure and risk profile remained stable through 2024-2025, with no major acquisitions, disposals or complex transactions. This stability supported the Audit Committee’s view that a lower fee can be achieved through resource optimisation rather than scope reduction.
Timetable • December 2025: planning, risk assessment, inventory and fixed-asset counts. • January–March 2026: fieldwork, substantive procedures and audit execution. • Late March 2026: completion, presentation of findings and issuance of audited results.
The Audit Committee concluded that Ascenda Cachet’s fee is commensurate with the work required and that audit quality will not be compromised. All other details in the original 12 December 2025 announcement remain unchanged.
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