Re:
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Tianyin Pharmaceutical Co., Inc.
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Form 10-K for the Fiscal Year Ended June 30, 2012
Filed September 28, 2012
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File No. 001-34189
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1.
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You state here that the increase in inventory is lower than the increase in revenue and that your product turnover has increased. However, your financial statements show that the sales have decreased while the inventory balance increased and that the inventory turnover has slowed. Please reconcile these inconsistencies by revising your disclosure.
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2.
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Please describe for us the factors you considered in assessing your disclosure controls and procedures as effective, despite the material weaknesses described on page 63.
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1.
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Identifying and reviewing key control structures in our business decision chains and identifying significant financial reporting elements;
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2.
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Identifying material financial statement risks within these elements being either accounts or disclosures;
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3.
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Determining and examining which entity-level controls address these risks with sufficient precision;
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4.
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Determining and examining which transaction-level controls address these risks in the absence of precise entity-level controls; and
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5.
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Determining and examining the nature, extent, and timing of the evidence gathered to complete our assessment or our in-scope controls.
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3.
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Please revise to state your assessment of the effectiveness of your internal control over financial reporting including a statement as to whether or not internal control over financial reporting is effective as of June 30, 2012. Refer to Item 308(a)(3) of Regulation S-K. If you deemed your internal control over financial reporting to be effective, despite the material weaknesses described here, please describe for us the factors you considered in arriving at this conclusion.
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4.
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We note your disclosure that “[e]xcept as described above, there have been no changes in [y]our internal controls over financial reporting that occurred during the fiscal year to which this Annual Report on Form10-K relates that have materially affected, or are reasonably likely to materially affect [y]our internal controls over financial reporting.” Revise to state clearly, if correct, that there were changes in your internal control over financial reporting that occurred during the fourth quarter of fiscal year ended June 30, 2012 that have materially affected, or are reasonably likely to materially affect, your internal control over financial reporting. Refer to Item308(c) of Regulation S-K.
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●
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the Company is responsible for the adequacy and accuracy of the disclosure in the filing; |
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staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and
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the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
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Very truly yours,
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Tianyin Pharmaceutical Co., Inc
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/s/ Guoqing Jiang
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By: Guoqing Jiang
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Chief Executive Officer
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Attorney:
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Louis Taubman
Hunter Taubman Weiss LLP
17 State Street, Suite 2000
New York, NY 10004
Fax: 212-202-6380
Tel: 212-732-7184
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