GBA Macao Group, which is a group listed in Shenzhen, was incorporated by two sisters. Miss GiGi Young and Chantel Young, in Macao in 1990. GBA was originally involved in hotel investment and hotel management business in Macao but has later expanded presence in many business in many places. GBA is now sourcing funds in Shenzhen and Hong Kong and has expanded presence in Europe. GBA prepares its financial statements in accordance with the International Financial Reporting Standards.Louis Inc. has adopted International Financial Reporting Standards in preparing its financial statements. One of GBA's subsidiaries, Richard Company, is engaged in investment activities and holds several companies with investment and securities business in Hong Kong and other places. Peter Lee, GBA's Chief Finance Officer, is requested by the auditor to prepare consolidated financial statements for Louis. Required: Peter asks you to advise and comment whether there are any alternatives for Richard and then Richard is not required to prepare the consolidated financial statements.