Charity groups should be more transparent

It is reported that the China Charities Aid Foundation for Children (CCAFC) has issued an apology on its official website, claiming that the amount of 475 million is mistakenly listed as 4.75 billion in the foundation's aggregate accrual for short-term wealth management due to mistakes of financial staff. CCAFC admitted that it is a profound lesson, whose reasons are still unknown.

Obviously, the explanation cannot satisfy the public since the account should be strictly audited before disclosure. Why did the financial staff who input the original data, the leaders in charge of verification and the accounting firm responsible for auditing unanimously fail to detect the mistake? Is it an occasional error?

Actually, it is not the first time that the CCAFC financial account has been suspected. In October, some netizens doubted that nine members of CCAFC used the donation for business trip overseas while the CCAFC explained that the expenditure was from short-term wealth management. The serious accounting mistake this time is also related to short-term wealth management. It seems that wealth management is a mess in income and expense.

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