Chinese social networking website Renren has now replaced the head of its audit committee ahead of its initial public offering on the Nasdaq.
Derek Palaschuk, the CFO of China-based Longtop Financial Technologies, has now formally resigned from Renren's board of directors.
Many observers believe that Renren is trying to protect itself from the fall-out of an accounting controversy at Longtop which sent the firm's shares plummeting last week.
The Chinese social network will list its shares on the New York Stock Exchange Wednesday.
